May 13 (Reuters) - Foreign investors turned net buyers of Japanese shares in a holiday-shortened week that ended on May 7, with some investors buying beaten down domestic shares following a jump in global equity indexes, on bets of a rapid global economic recovery.
In two days of trading last week, overseas investors purchased a net 543.04 billion yen ($4.96 billion) worth of stocks, the biggest in four weeks, data from Japanese exchanges showed.
They purchased a net 215.26 billion yen in cash equities markets and 327.78 billion yen worth of derivatives after two straight weeks of net selling.
The Nikkei share average gained 1.9% last week and the Topix index added 1.8%.
Both indexes dropped to more than three-month lows this week after highly valued stocks were pummelled by U.S. inflation fears, while concerns around the economic strain from a recent surge in coronavirus cases in Japan hit cyclical stocks.
Meanwhile, Japanese investors purchased overseas equities worth a net 114.2 billion yen, marking their first weekly net buying in nine weeks, finance ministry data showed. ($1 = 109.5100 yen)
Reporting by Gaurav Dogra and Patturaja Murugaboopathy; Editing by Lincoln Feast.