Japan commodity fund value hits new low in April

TOKYO, May 13 (Reuters) - The outstanding value of Japanese commodity funds nudged down 0.4 percent to 26.1 billion yen ($251.6 million) in April, hitting a record low for the eighth straight month, industry data showed on Tuesday.

Fund inflows in April came to 300 million yen, while outflows totalled 400 million yen, the Japan Commodities Fund Association.

The April figure was down about 23 percent from a year ago.

No new funds have been launched since last August.

Sales of commodity funds have been slow due to a new law that took effect last September aimed at enhancing investor protection, as traders said the administrative work entailed by the new law make it hard for brokers to market their funds.

In addition, some brokerage houses have been pulling out of the domestic fund business due to slow sales, brokers said. ($1=103.75 yen) (Reporting by Chikafumi Hodo; Editing by Hugh Lawson)

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