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China's new sovereign wealth fund, which manages about $200 billion of foreign reserves, was likely to invest in Japanese stocks gave a brief boost to the yen and lifted Tokyo stocks, the report said. The investment could well be within five per cent as anyone buying more than five per cent of a listed company in Japan is required to report the stake to regulators within five business days. The announcement, however, boosted Sony shares which closed 4.6 per cent higher at 5,500 yen on Monday, outperforming the Tokyo stock market's electrical machinery index IELEC, which rose 1.95 per cent. Sony, which makes the PlayStation 3 game console and Bravia flat TVs, is in the final year of its three-year turnaround plan focussing on core operations such as the consumer electronics business. Tokyo-based Sony, already owned 52.6 per cent by foreign investors as of end-September, also reported a third quarter operating profit thanks to strong sales of PCs and digital cameras and a weaker yen.
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