Foreigners turn net buyers of Japanese stocks in the week to May 28

June 3 (Reuters) - Foreign investors turned net buyers of Japanese shares for the first time in three weeks, for the week to May 28, as a pickup in domestic vaccinations boosted hopes of faster economic normalcy.

Foreigners purchased a net 555.52 billion yen ($5.06 billion) worth of Japanese stocks, the biggest in seven weeks, data from Japanese exchanges showed.

They bought a net 373.82 billion yen in cash equities markets and 181.7 billion yen worth of derivatives last week.

Meanwhile, cross-border investors purchased a net $1.1 trillion yen worth of Japanese bonds, finance ministry data showed.

A massive vaccination programme started in Tokyo and Osaka last month, which has raised optimism about the companies profit outlook.

Japanese shares were stagnated in the past three months, hurt by a slow rollout of COVID-19 vaccines, cautious earnings outlooks and the Bank of Japan’s (BOJ) effective tapering in its stock buying.

Last week, the Nikkei share average gained 2.94% and the Topix index added 2.24%.

Meanwhile, Japanese investors purchased overseas equities worth a net 129.4 billion yen and sold 1.19 trillion yen worth of Japanese bonds last week, finance ministry data showed. ($1 = 109.7700 yen)

Reporting by Gaurav Dogra and Patturaja Murugaboopathy; editing by Uttaresh.V