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For the first year since 1989, foreign investors sold Japanese stocks and missed a rally.

Overseas investors, who account for more than two-thirds of trading in Tokyo, cut holdings in 2015 even as the Topix index climbed 8.9 percent in dollars and 21 percent in euros. It had been 2½ decades since foreigners last offloaded shares amid annual gains, data compiled by Bloomberg show. As traders dumped $1.9 billion, Japan’s own pension funds, asset managers, central bank and companies took their place.

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