The value of share repurchases by cash-rich Japanese firms leaped more than fivefold in August from a year earlier in their drive to reward shareholders. More buybacks are in the pipeline as companies take advantage of a pullback in the market.
Hit by worries of a China-led global slowdown, the Nikkei share average has fallen more than 13 percent from its 18 1/2-year high in late June. The broader Topix is off 14 percent from its eight-year peak last month. Taking advantage of the declines, bellwether Nippon Telegraph and Telephone Corp and SoftBank Group Corp, as well as small caps like Rhythm Watch Co and OptoElectronics Co, last month unveiled plans to buy back shares.
