Japanese news site The Nikkei is reporting that Nintendo shares have now hit a record high thanks in part to speculation that oil money is set to buy more Japanese video game stock via Saudi Arabia’s sovereign wealth fund, Public Investment Fund. The PIF is currently snapping up both Japanese video game development studios and anime studios. The Public Investment Fund already owns 8.58% of Nintendo shares and clearly wants more.
Shares of Nintendo temporarily hit 7,902 — up 5% from the previous day. The company’s market capitalization topped 10 trillion yen ($69 billion) for the first time since November 2007.
The Nikkei
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