(Bloomberg) -- Japan’s retail investors bought the most domestic stocks last week since December, after staying away for most of this year as the Nikkei 225 Stock Average reached an all-time high.

Individual investors bought net ¥327 billion ($2.2 billion) of cash equities, according to data from Japan Exchange Group Inc. Foreign investors, who have been the main driver of the market rally, added ¥176 billion.

The purchases suggest retail investors, who have been focused on overseas equities, are buying on dips to add Japanese shares. The Nikkei, which climbed above 40,000 for the first time earlier this month, fell last week as the yen strengthened on speculation the Bank of Japan may end negative interest rates sooner than expected. The Topix eked out its smallest gain since January.

The Nikkei has jumped 43% over the past year, driven by improving shareholder returns, a weaker yen and robust corporate profits. All eyes are now on BOJ’s policy meeting next week to see whether the central bank will raise interest rates for the first time since 2007.

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