Investors flock to Japanese stocks after quake

     Exchange-traded funds that hold Japanese stocks brought in a record $1.2 billion the week after a devastating earthquake and tsunami hit Japan and caused the worst nuclear crisis since the Chernobyl disaster, according to TrimTabs Investment Research.  The rash of buying of Japanese stocks came after the country's benchmark Nikkei 225 index, the equivalent to the Dow Jones industrial average, fell 16 percent over two days in panic-driven selling, reaching its lowest level since the 2008 financial crisis. The index bounced back nearly as quickly, jumping 5.6 percent on March 16 and 4.3 percent on March 22. The index is now down 7.8 percent since the earthquake. 
     Cleanup and rebuilding costs in the country will be considerable. The Japanese government said Tuesday that expenses could reach more than $300 billion, more than double the $125 billion in damage caused to New Orleans and the surrounding region by Hurricane Katrina.  Companies that are expected to take part in Japan's rebuilding efforts have benefitted the most from the surge of investor dollars. Taiheiyo Cement Corp. has jumped 32 percent over the last week, while Japan Steel Works Ltd. has gained 25 percent over the same time. Mitsubishi Heavy Industries Ltd., an industrials company that makes products from airplanes to air-conditioning systems, has gained 19 percent.

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