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Alternative Market Briefing

Abenomics may be more fragile than investors expect

Thursday, June 13, 2013

Bailey McCann, Opalesque New York

In the new world of Abenomics, some of the oldest Japanese hedge funds are enjoying growth that they haven’t seen in a number of years. Shinichiro Shiraki Chief Investment Officer of Astmax and also the Chairman of AIMA-Japan, has been operating in this space for a long time and recently sat down with Opalesque TV for an interview.

For firms like Shiraki’s abenomics means more liquidity and more space for trading. "For example, in this January, February, March, I saw lot of long-short managers have the double digit return for those three months. So we haven’t seen that since 2005, so it’s obviously very good for Japanese hedge fund managers," Shiraki explains.

He notes that this is important as large institutions, even those inside Japan have been avoiding the industry there, which keeps AUM numbers low. However, some of that is beginning to change and outside investors are looking at Japan.

Shiraki explains that most of the money is still going to ETFs and indexes as investors are wary about the sustainability of Abenomics and growth in Japan over the long term.

"We have a lot to be concerned about the interest rate situation in Japan or fiscal deficit," he says.

Overall, he sees the new economic situation in Japan lasting for the next three to five years, but it will be an investment that investors have to be prepared to roll ......................

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