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China Investment Corp to start investing in Japan stocks

(Agencies)
Updated: 2008-09-01 15:55

Sovereign wealth fund China Investment Corp (CIC) will begin to invest in the Japanese stock market, the Mainichi Shimbun reported, citing sources familiar with the matter.

The CIC has entered the final stage of negotiations with Japanese banks to establish yen-denominated settlement accounts, the report said.

A Chinese government-affiliated think tank has surveyed Japanese financial institutions to find out possible reactions to acquisitions by China of up to 20 percent stakes in domestic companies, the report said.

It added that CIC has also been recruiting fund managers with expertise in the Japanese market, and is apparently contemplating investments in natural resources-related firms and corporations with a strong presence in the environmental technology sector.

The CIC will take purely investment positions in the Japanese market without seeking control, the report added.