As investors sweat, Japan firms pump out shares By David Dolan TOKYO (Reuters) - The likely $15.5 billion share issuance by Mitsubishi UFJ Financial Group (Tokyo:8306.T - News) and Hitachi Ltd (Tokyo:6501.T - News) is the latest blow to Japan's long-suffering investors, but it won't be the last. Japanese companies have already raised $40 billion through issuing common stock and convertible bonds this year, tapping a modest share market rebound for much-needed cash after the financial crisis -- but at the same time heavily diluting the holdings of their current shareholders. The fundraising, mainly from financial firms but including technology, industrial and real estate companies, has put pressure on stock prices across the board and sparked investor concern about more share sales to come. "This is the biggest factor why Japanese shares lag behind U.S. and European shares," said Takeshi Osawa, senior fund manager at Norinchukin Zenkyoren Asset Management, referring to the fundraising rush. ^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Shareholders always get shafted when it comes to money crunch time.