Tue, Nov 25, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Japanese epic bear market meets dramatic regime shift in macro-economic policy

Thursday, May 23, 2013

Beverly Chandler, Opalesque London:

There has already been a great deal of market and media coverage of the 'recovery’ in Japan. Speakers at the Opalesque Roundtable Japan 2013, sponsored by Eurex and Taussig Capital discussed the changes in the Japanese market from a local perspective.

Peter Tasker of Arcus Research explained that since the crisis of 2008, world financial markets have been in a completely different environment, and Japan in particular performed very poorly since then. "For example, the Japanese equity market in Autumn of 2012 was actually below where it was in early 2009, which was the bottom for most world markets" he said. "While most of the developed markets, even the troubled Eurozone, have made some progress up towards the highs of 2006-2007, Japan didn’t. The Japanese market was a very poor performer, despite the fact that the profitability of Japanese companies had improved quite a bit and recovered 50% or 60% of the peak levels of 2006-2007" Tasker explained.

The result was an unusual situation where profits go up but the market went down. "This has to be seen within the context of a mega-bear market that has been running since 1990 in which the whole class of equities has been discredited in the eyes of the i......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Investing - George Soros puts $500m of his money on Bill Gross, Soros, Paulson backed Hispania Activos mulls Realia takeover, Ex-Credit Suisse trader’s hedge fund sees yen shorts as crowded, Hedge hunters double default-swaps as views split, Large hedge fund positions come under pressure, Vikram Pandit's fund picks 50% stake in JM Financial's realty lending arm for $87m[more]

    George Soros puts $500m of his money on Bill Gross From WSJ.com: Before Bill Gross was fully settled in at his new firm, Janus Capital Group Inc., he received an unlikely visit from the chief investment officer of famed investor George Soros ’s firm, according to a person familiar with t

  2. Legal - Hedge fund manager fights £8m tax tribunal ruling[more]

    From FT.com: A hedge fund manager who may have to repay £8m in tax is trying to overturn a tribunal ruling that found he had attempted to shelter millions in an avoidance scheme. Patrick Degorce, chief investment officer at Theleme Partners, lost a tax tribunal case last year. HM Revenue & Customs c

  3. Europe - Hedge funds face exit tax as Iceland central bank discusses plan[more]

    From Bloomberg.com: Hedge funds and other creditors with claims against Iceland’s failed banks face an exit tax as the island looks for ways to unwind capital controls without hurting the economy. The government targets having a plan it can present by year-end that would map out how Iceland will sca

  4. Opalesque Exclusive: Risk management emerges as a competitive focus area for hedge funds[more]

    Bailey McCann, Opalesque New York: Risk management has always been a core component of any trading strategy, as well as a critical part of business management. However, as macreconomic weakness persists, and alpha becomes increasingly hard to generate, risk management as emerged as a more promin

  5. Gross: Inflation is required to pay for prior inflation[more]

    Benedicte Gravrand, Opalesque Geneva: As inflation rises, every dollar will buy a smaller percentage of a good. While deflation will mean a decrease in the general price level of goods and services. These two economic conditions are both in the waiting room. The consensus would like the former to