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B. G., Opalesque Geneva:

A hedge fund manager in Tokyo has so far this year benefited from a positive stock market in Japan, the yen's fluctuating valuation and the country's rising inflation while the Bank of Japan maintains its loose monetary policy.

At the end of February 2023, Sparx Asset Management's Japan equity long/short strategy was up 5.7%, annualising 8% since its June 1997 inception, compared to the Topix ($ hedged)'s annualised return of 3.4%. In the fund's long book, stock prices rose in the Industrials, Information Technology, and Consumer Staples sectors, contributing positively, but Health Care, Financials, and Consumer Discretionary stocks fell and affected the fund negatively.

The Eurekahedge Japan Long Short Equities Hedge Fund Index is up 0.9% YTD after a flat February, annualising 5% since 2000.

Early in February, while rising long-term US interest rates drove down share prices in the US stock market, the weak yen supported Japanese equities, Sparx's fund manager commented in a monthly report seen by Opalesque. "They took a downturn into mid-month as concerns over prolonged interest rate hikes reignited due to the higher-than-expected US Consumer Price Index (CPI) and Purchasing Manager's Index (PMI). Toward the end of the month, the next BoJ governor nominee, Kazuo Ued......................

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