Fidelity Japan Share Discussion Threads

[knowing] 29/5/2007 15:57

Well the index has started to move higher.When you think these were nearly 100% higher one year ago there is some serious catching up to be done.News out of Japan today was also positive and can be viewed on the FUND thread.

[cyborg27] 23/5/2007 16:46

Not quite as bad as it looks, because the discount has widened a lot.
Still, not particularly good! Don't forget it's geared too, so the downside will be worse, any upside should be better.

[knowing] 23/5/2007 12:21

Do you know AFN ticker for it ?

[tonyr] 23/5/2007 12:20

It's the Topix 2nd section you should be comparing to, not Nikkei...

[bsg] 23/5/2007 12:16

Do they pay someone to manage this fund ? If so they're not worth it !

[popdotcom] 23/5/2007 12:11

can someone do a chart with the Nikkei over this share price?

[knowing] 23/5/2007 12:09

ISA I posted this on the fund thread

I have been buying a few of these as I think the Japan small cap market has been unduly oversold and thought I would paste some info up for discussion

Down 46% on the year


Down 33% on the year


Down 28% on the year


Will they continue to fall or is this the time to look at taking a position in Japan ?

[isa23] 23/5/2007 12:07

Deutsche Bank's Musha Calls Japanese Stocks `A Major Bargain'
By Patrick Rial
May 23 (Bloomberg) -- Investors should snap up Japanese shares because they are inexpensive by four different measures, according to Ryoji Musha, chief investment officer at the Japanese brokerage unit of Deutsche Bank AG.
``Right now the Japanese market is a major bargain,'' Musha said, speaking at a conference in Tokyo hosted by Deutsche Bank. ``In terms of stock prices, interest rates, the weak yen and the cost of goods, it's cheap.''
Last week, shares in Japan reached the lowest level in six months relative to the price of U.S. stocks, according to a report released yesterday by JPMorgan Securities Japan Co.
Long term interest rates have been on a gradual decline for years, even as central banks such as the U.S. Federal Reserve conducted a two-year drive to tighten credit, Musha said, recalling former Fed chairman Alan Greenspan has called the lack of a market response to monetary policy a ``conundrum.''
While the gap between intended monetary policy effects and actual interest rates would normally be a warning sign for investors, this time it isn't, Musha, 57, said. Rates should remain low as companies continue to earn more money than they spend on investments, relieving pressure on borrowing costs, he said.
``Looking at the excessive savings of corporations worldwide, it seems declining interest rates is a logical trend and one that is sustainable,'' Musha said.
The yen has weakened 2.2 percent against the dollar so far this year and has fallen to a record low against the euro 17 times in 2007. A weaker yen makes Japanese shares cheaper for foreign investors and increases the value of companies' dollar- denominated sales when converted back into local currency.
Costs Under Control
Japanese companies are also benefiting from a lack of inflation that is helping to keep input prices down. Japan's core consumer prices, which exclude fresh food, didn't increase on a year-over-year basis during the first three months of this year. The April figure, which will be released on May 25, is expected to show a 0.1 percent drop, according to economists surveyed by Bloomberg.
Musha began covering Japanese stocks as an analyst in Daiwa Securities Co.'s research division in Tokyo in 1973. He was a global strategist at Daiwa's New York branch from 1988 to 1993. He joined the Tokyo unit of Deutsche Bank in January 1997 and was ranked the top Japanese equity strategist by Institutional Investor in 2002.
To contact the reporter for

[tonyr] 23/5/2007 11:44

While the rest of Asia has continued to storm ahead, Japan (esp smaller cos.) has massively underperformed. However, the Topix Bank index has just had two major upside days, which looks like it might indicate the beginning of a change in sentiment with Japanese investors willing to invest closer to home. Could turn out to be a very attractive time to be long some of these ITs, if it translates into broader interest generally, and especially in the 2nd section companies which have fallen relentlessly.

[knowing] 18/5/2007 08:22

cyborg certainly not today.

[bigspuds] 17/5/2007 11:26

when will this torture end................normally the day after I sell!

[cyborg27] 17/5/2007 08:43

I agree entirely with orvil regarding the logic of this investment - but the relentless slide of the smaller companies continues. Have been involved with these for years - when will this torture end!!

[orvil] 10/5/2007 11:43

I have just filled four ISAS with FJV and JMPF Jap small cos. We have both a 20% long term currency win a discounted NAV spread 4-5% and a broad recovery plus oversold small cos. I think as a 5yr investment opportunity everything is in place. I will invest more as it becomes available. I cannot judge the timing and would not normally invest in May but this year could be different.

[bigspuds] 12/4/2007 14:46

must say very dissapointed this past couple of weeks

[jimcar] 30/3/2007 18:01

FJV has a very volatile spread at the moment. A few weeks ago it was trading at a premium to NAV when it was at 82p, then it went to a discount of almost 10% in a matter of days.

JRIC is a residential Japanese property fund. There is also PEJR

[hectorp] 30/3/2007 17:35

Jim Rodgers on Bloomie today ( webcam available and worth a listen) is all for Japan and the yen.
I'm very tempted to get into some Japan fund but which one is the problem.
THis one has so underperformed ( eg it has underperformed SChroder 's Jap fund by 35% since May 06.
Someone saying property a good idea Japan? is there a Japan property Fund?

[isa23] 28/3/2007 11:04

jric is Japan Residentrial

[timanglin] 28/3/2007 09:47

Hi Knowing, I am researching the japanese property plays at the moment and have pejr, jfj, bgfd and fjr on the radar, are there others that I have missed? essentially i am looking really for either residential or commercial property plays? Thanks for your thoughts, in advance

[knowing] 23/3/2007 12:15

Long way to get to the old highs.

[knowing] 22/3/2007 21:32

ANALYST COMMENT: Nikkei May Move Toward 20,000 In 2nd Half Nikkei

[knowing] 22/3/2007 08:10

TOKYO (XFN-ASIA) - The average price of land in Japan rose for the first
time in 16 years in 2006, according to an annual government survey, the
strongest sign yet that the country is emerging from years of deflation.
An annual survey conducted by the Ministry of Land, Infrastructure and
Transport showed that the average price of residential property in Japan rose
0.1 pct in 2006, while the average price of commercial land jumped 2.3 pct.
It was the first time in 16 years that property prices in more areas in
Japan increased although real estate prices in the capital Tokyo began rising in
2005, the first time they did since 1990.
The data are based on a survey by the land ministry of assessed land values
at 30,000 sites throughout Japan as of Jan 1 this year. The data will be used to
compute land taxes for the next financial year to March 2008, which begins next
month.
The survey also found that both commercial and residential land prices rose
in all 23 central wards in Tokyo, which means that property values have already
started to recover in key urban markets where prices fell the most following the
bursting in the late 1980s and early 1990s of Japan's asset-inflation bubble.
The annual poll showed that nine out of 47 prefectures saw a rise in
residential property prices in 2006, compared to just one prefecture in 2005
which was Tokyo.
Some 11 prefectures also saw prices on commercial properties rise last year,
up from four in 2005.
In Tokyo, the average price of residential land increased 8.0 pct in 2006,
rising for the second consecutive year, while the average price of commercial
property increased 13.9 pct, also up for the second straight year.
In Osaka, the second-largest prefecture in Japan, the average price of
residential properties rose 1.9 pct last year, the first rise in 16 years, while
the price of commercial properties there jumped 10.3 pct, the second straight
year of increase.
The average price of residential land in Aichi, Japan's third-largest
prefecture, gained 1.9 pct last year, also the first increase in 16 years, while
the average price of commercial land rose for the second consecutive year, by
another 7.6 pct.
"The upturn in prices which began in the central Tokyo area is now beginning
to spread to large cities in the regional areas, and we also started to secure
good sites in these areas," said Toshihiko Kazama, executive officer at
Mitsubishi Estate, which owns many office and commercial buildings in the
central Marunouchi area in Tokyo.
"In central Tokyo, rent has already risen to levels not seen in many years,"
he added.
Although land prices have clearly turned the corner, Bank of Japan central
governor Toshihiko Fukui said Tuesday he was not worried about the risk of a
bubble recurring in the housing market.
He said that while increases in land prices in major cities such as Tokyo,
Osaka and Nagoya look "somewhat rapid, they have not deviated notably" from the
fair value levels based on a discounted cashflow method.
"Although it is difficult for us to base our policy on land prices or the
foreign exchange market, we will bear in mind these developments and make the
appropriate policy judgement," Fukui added.
Analysts said the latest land price survey supports the BoJ's position of
adjusting interest rates gradually as the economy continues to expand
moderately.
"The land price survey underscores the fact that Japan is no longer in
deflation," NLI Research Institute senior economist Taro Saito said.
"With land prices now set to rise steadily going forward, there is no
obstacle for the BoJ to continue to hike interest rates.
"Having said so, the timing of the next rate increase and the prospect of
future rate adjustments largely depend on whether the core consumer price index
can start rising in a more stable trend," Saito added.
Last month, the central bank increased the minimum lending rate for
commercial banks to 0.5 pct from 0.25 pct, confident the move won't derail the
ongoing economic recovery. It was the second hike in the current slow
credit-tightening cycle launched in July 2006, when the BoJ lifted its key rate
for the first time in six years.
"The annual land price survey is clearly positive news for the BoJ as it
endorses its view that steady but gradual adjustment of interest rates is
necessary," said Informa Global Markets (Japan) economist Kenji Arata.

[knowing] 21/3/2007 22:35

TOKYO (XFN-ASIA) - Share prices are expected to open higher following strong
gains on Wall Street overnight after a statement by the US Federal Reserve
revived hopes for a possible rate cut there, dealers said.
In the statement that accompanied the Fed's decision to leave short-term
interest rates unchanged at 5.25 pct, the central bank didn't refer to the
possibility of "additional firming" of rates as it did in January.
The Fed said "future policy adjustments" will depend on inflation and growth
-- more neutral language that the market interpreted as opening the way for a
possible rate cut -- although it indicated that it remains vigilant about the
threat of inflation.
The stable yen is also likely to benefit shares of blue-chip exporters,
dealers said.
The Dow Jones Industrial Average closed up 159.42 points or 1.30 pct at
12,447.52, while the Nasdaq composite index gained 47.71 points or 1.98 pct at
2,455.92.
In Chicago, the Nikkei futures contract settled at 17,475 points compared to
17,140 at the Osaka Securities Exchange Monday, suggesting a firm start for the
Tokyo market.
On the Tokyo bourse Monday, the Nikkei 225 Stock Average closed up 153.65
points or 0.90 pct at 17,163.20, while the broader TOPIX index added 14.21
points or 0.84 pct at 1,708.29.
Financial markets here were closed for a public holiday yesterday.
Ahead in Japan, the Ministry of Finance will announce 10 minutes before the
opening bell preliminary trade data for February, while the MoF and the Cabinet
Office will release their quarterly survey on business sentiment for
January-March.
The Japan Chain Stores Association will release in the afternoon supermarket
store sales for last month, while the Ministry of Land, Infrastructure and
Transport will announce results of its annual survey on land prices.
Stocks to watch include Mazda Motor Corp following a report that the
automaker plans to increase by fiscal 2008 domestic production by about 15 pct
from the fiscal 2006 level and introduce a hydrogen-electric hybrid vehicle by
that year.
Mitsui & Co may be active on a report that the trading house and Brazilian
state-owned oil company Petroleo Brasileiro SA plan to jointly produce in Brazil
bioethanol for automobiles.
Hitachi may be in focus too following a report that the firm has decided to
shut down this year a Mexican plant making components for hard disk drives due
to falling profitability there.

[knowing] 12/3/2007 08:09

Nikkei up 125 pts