Nomura Asset Management Co. began operations Thursday of a mutual fund investing in companies that benefit from spending by Chinese tourists in Japan.
The fund will buy shares in consumer-related stocks, including department stores, cosmetics producers and electronic products, said Satoshi Tsuji, senior marketing executive of Nomura Asset. The company, a unit of Nomura Holdings Inc., expects the number of Chinese tourists to rise following the relaxation of visa requirements for the country's citizens on July 1.
"Spending by Chinese tourists has risen along with an increase in the number of Chinese tourists," Tsuji said. "The theme gives investors anther view of Japanese stocks."