China Investment Fund to Buy Japanese Stocks, Mainichi Reports

By Keiko Ujikane

Aug. 31 (Bloomberg) -- China Investment Corp., which manages that nation's $200 billion sovereign wealth fund, will start investing in Japanese stocks as early as the current fiscal year, the Mainichi newspaper said.

The Beijing-based sovereign fund, also known as CIC, plans to invest about $67 billion, a third of its assets, in overseas markets including Japan, the paper reported without saying where it obtained the information.

CIC is preparing to open bank and brokerage accounts and set up a settlement system in Japan, the newspaper said. Investment targets may include natural resources and environmental technology, the paper said. The fund won't seek management takeovers in Japan, it said.

To contact the reporter on this story: Keiko Ujikane in Tokyo at kujikane@bloomberg.net