TOKYO (Bloomberg) — Japanese mutual funds' net assets rose to a record 62.5 trillion yen ($520 billion) in April as overseas stock-market rallies spurred investment.The combined value of their assets climbed from 59.4 trillion yen at the end of March as funds took in net cash of 1.66 trillion yen, according to figures released by the Investment Trust Association in Tokyo. Currency gains stemming from a weaker yen and changes in asset values accounted for the other 1.4 trillion yen of the increase.

Funds investing in overseas equities took in net cash of 396.4 billion yen, while those investing in local shares had net withdrawals of 86.5 billion yen.