Foreigners remain net sellers of Japanese stocks in the week to May 21

May 27 (Reuters) - Foreign investors sold Japanese shares for a second straight week in the week to May 21 as concerns about rising domestic COVID-19 cases and its economic impact weighed on sentiment.

Foreigners sold a net 399.23 billion yen ($3.66 billion) worth of Japanese stocks, data from Japanese exchanges showed.

They sold a net 226.95 billion yen in cash equities markets and 172.28 billion yen worth of derivatives last week.

On the other hand, cross-border investors sold a net $111.6 billion yen worth of Japanese bonds, finance ministry data showed.

A recent jump in COVID-19 infections stoked alarm in Japan with its capital city facing a shortage of medical staff and beds, prompting medical organisations to call for cancellation of the Tokyo Olympics scheduled in July.

Last week, the Nikkei share average and the Topix index, however, gained 0.83% and 1.13% respectively, as some investors scooped up beaten-down growth stocks.

Meanwhile, Japanese investors purchased overseas equities worth a net 189.7 billion yen and sold 766.3 billion yen worth of Japanese bonds last week, finance ministry data showed. ($1 = 109.1200 yen)

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