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Japanese stocks see biggest weekly foreign fund outflows in 14 months

May 20 (Reuters) - Japanese shares saw their biggest weekly foreign fund outflows in 14 months last week, as concerns grew over rising domestic COVID-19 cases and a pickup in U.S. inflation.

Foreign investors turned net sellers in the week ended May 14, offloading a net 1.11 trillion yen ($10.22 billion) worth of stocks - the biggest since early March 2020, data from Japanese exchanges showed.

They sold a net 421.48 billion yen in cash equities markets and 693.39 billion yen worth of derivatives last week.

A pickup in U.S. inflation fanned worries that interest rates might be raised sooner than expected, hitting Japanese tech stocks such as SoftBank Group and Tokyo Electron .

Japan widening its state of emergency to three more prefectures hit hard by the pandemic also hit sentiment last week.

The Nikkei share average plunged 4.3% last week, its biggest since end-July 2020, while the Topix index dipped 2.6%.

Meanwhile, Japanese investors purchased overseas equities worth a net 189.7 billion yen last week, finance ministry data showed. ($1 = 109.0500 yen)

Reporting by Gaurav Dogra and Patturaja Murugaboopathy; Editing by Subhranshu Sahu

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