The global stock market slump has driven Japanese companies to buy back more of their own shares, in spite of their reputation for hoarding investors' cash.

There were buy-backs at 587 listed companies last year, according to figures from data provider I-N Information Systems, up 33 per cent on 2007. The value of buy-backs fell by 17 per cent, less than the 42 per cent fall in the Topix index, taking repurchases close to a record relative to the total value of Japan's stock market.