We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Jap.Acc.Pf | JAP | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 102.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 102.50 | 102.50 |
| Top Posts |
|---|
Posted at 15/8/2012 09:42 by tpaulbeaumont Defying gravity Aug 14th 2012, 18:45 by R.A. | WASHINGTON "ONE of this week's new NBER working papers is a fascinating look at Japanese government debt, by Takeo Hoshi and Takatoshi Ito. [...] As the authors of the paper note, however, this model is doomed (seemingly) to end. Japanese saving rates are rapidly falling as the population ages. The share of the working-age population in Japan is plummeting, and total saving rates are falling as a result and may eventually turn negative. Correspondingly, Japan's current account surplus is shrinking fast. But Japanese government liabilities are only growing. At some point, the stock of government liabilities will grow larger than the stock of total domestic saving, so that even if everything the Japanese saved was used to buy government bonds, the government would have to rely on foreign lenders to cover some of its borrowing. Foreign investors, it is assumed, will demand better rates of return, particularly given the possible risk of eventual default. Rates will rise, and the jig will be up. The authors estimate when this point might be reached under several different scenarios. Even under optimistic assumptions, the end is only a decade away." |
Posted at 24/2/2011 22:04 by cerrito From Today's FTquote Please respect FT.com's ts&cs and copyright policy which allow you to: share links; copy content for personal use; & redistribute limited extracts. Email ftsales.support@ft.c Stop looking in the rear-view mirror at Japan By Peter Tasker Published: February 23 2011 13:53 | Last updated: February 23 2011 13:53 "What most likely happened was pedal misapplication." So concluded an official of the National Highway Traffic Safety Administration, the US body that has just published its report on the spate of accidents involving Toyota cars. This time last year, remember, Toyota had to make an 8m vehicle recall. American politicians were in full cry. The families of accident victims gave emotional testimony at congressional hearings, and Toyota's CEO flew to the US to apologise in person. EDITOR'S CHOICE Lex: Japanese stocks peculiarly attractive - Feb-22 Japan's debt gives investors unlikely opening - Feb-22 Fund to boost shareholder activism in Japan - Feb-07 View of the Day: Outlook improving for Japan stocks - Nov-30 The media was quick to draw harsh parallels between the decline of Toyota and the decline of Japan. Now it turns out that Toyota wasn't declining at all. The problem, according to NHTSA, was that "the driver stepped on the gas rather than the brake or in addition to the brake". Has the global investment community been making a similar error about the decline of Japan? Underweighting Japan to fund an overweight position in emerging markets has been a popular strategy for several years. The last time you were hurt by not owning Japan was in 2005, which is a lifetime ago in the fickle mind of Mr Market. Over the longer haul, Japan's 20-year bear market has extinguished investor confidence and created a number of damaging myths that can be used to justify a pessimistic stance. On closer examination, though, Japan is not as uniquely hopeless as its reputation suggests. The first myth is that Japanese companies have no growth potential. In fact, since the peak of the IT boom in 1999-2000, the Topix index has managed earnings per share growth of 200 per cent much better than most other developed markets and only narrowly beaten by the Shanghai Composite. Japan's nominal gross domestic product has indeed been stagnant, but the profits of listed Japanese companies are increasingly driven by global conditions. Second myth Japan has a huge demographic problem that will ultimately blow up the bond market. The reality is that Japan has already been greying rapidly for the past 20 years, a period in which bond yields, far from rising, have fallen to their lowest levels in recorded history. True, the household savings ratio has plunged, but the savings in the corporate sector have risen dramatically as companies invest less. So the economy as a whole still churns out a savings surplus. There is no reason for this to change. By contrast Europe and China are at a much earlier stage of their demographic crunch, and appear worse-equipped to handle it. In Japan, 20 per cent of people over 65 years old work. In most European countries the proportion is less than 4 per cent. Third myth Japan has appalling corporate governance. There is indeed room for improvement, but the recent surge in management buy-outs and other corporate actions (such as the Nippon Steel-Sumitomo Metal merger) suggests change is in the air though in the usual gradualistic Japanese way. In contrast, investors who have bought the emerging market story have to tolerate murky deals such as the 40 per cent of revenues that China's top maker of the alcoholic spirit moutai reserves for Communist party officials as part of the economic landscape. Last myth the global credit crisis has accelerated the marginalisation of Japan. Yes, in terms of local currency GDP, which is how economic performance is usually discussed, Japan was indeed a big loser. It took an 8 per cent hit to output the largest of any country in the Organisation for Economic Co-ordination and Development of which it has subsequently recovered about half. However, look at the picture in common currency terms and the conclusion is very different. Since the subprime crisis kicked off, the yen has risen 33 per cent against the dollar, 48 per cent against the pound, and 35 per cent against the euro. Compared to other developed countries, as opposed to the emerging world, Japan's global presence has grown, not fallen. The yen is a safe haven, and profits in yen earned by companies and investors are more valuable than ever. Given all this, why have Japan's equity markets been such poor performers for so long? The answer is simple. Japanese stocks were astonishingly overvalued at the peak of its 1980s bubble more overvalued than the US market in 2000 or Shanghai in 2007. The de-bubbling process inflicted huge damage on the corporate sector, from which it was finally recovering when the subprime crisis hit. Today Japan is no longer an expensive market; it is averagely priced or very cheap, depending on which metric you use. Investors should stop looking in the rear-view mirror and make sure to avoid pedal misapplication. Peter Tasker is a Tokyo-based analyst with Arcus Research Copyright The Financial Times Limited 2011. You may share using our article tools. Please don't cut articles from FT.com and redistribute by email or post to the web. |
Posted at 27/1/2011 19:11 by briarberry TOKYO - A leading credit ratings agency downgraded Japan's long-term sovereign debt on Thursday, a sharp reminder of the heavy burden plaguing the world's third-largest economy at levels that stand out even in an increasingly debt-ridden world.... But by size, Japan's ballooning deficit is an anomaly. Japan's liabilities will hit 204 percent of its gross domestic product this year, overshadowing even the 137 percent for beleaguered Greece, according to figures from the Organization for Economic Cooperation and Development. ... Despite the staggering size of Japan's debt-to-G.D.P. ratio, most of Japan's debt is held domestically, unlike that of Greece or the United States. And Japan runs a current account surplus in trade, putting it on a more stable financial footing. With Japanese household assets close to $17 trillion, Japan has a big pool of domestic deposits to draw on, and government policy encourages long-term investors like banks, pension funds and insurance companies to buy up bonds. |
Posted at 22/3/2010 16:21 by knowing David Jane, manager of the £214 million M&G Cautious Multi Asset fund, has been switching money out of China and Brazil into Japan because he believes this country now offers terrific opportunities for investors."The corporate sector and political environment are improving," he says. "There have also been changes in Japan's economy, and the prospects for [its] exporters are better in an improving world economy." Japan occupies one of the most prominent positions in the three-year-old portfolio, which seeks to maximise total return by investing in a diversified range of assets. "It's not very correlated with other global markets, which means I can reduce risk in the portfolio while getting some positive exposure to a world economy that's recovering," Jane adds. "It is a great story - and that's what the markets buy." The fund, which aims to deliver steady, competitive returns by backing the best asset classes and investment themes it can find, has exposure to traditional equities, bonds and property, as well as areas such as collateralised debt obligations. And as diversification is fundamental to the process in order to avoid taking excessive amounts of risk, it's designed to participate in rising markets and preserve capital when times are hard. The investment process starts with an analysis of the macroeconomic environment to determine investment themes. Subsequent exposure to the various asset classes will be via direct holdings or collective investment schemes. Part of Jane's investment philosophy involves looking for the pieces of information that will pull his assumptions apart, rather than simply trying to back up existing prejudices. "It's easy to prove stocks will go up by finding all the bullish stories about a company, but you should instead seek ways of proving yourself wrong," he says. "If you're unable to do so, then the idea will probably work." He believes a successful multi-asset fund manager should understand where the risks are and construct a portfolio that deals with them yet still provides returns. At present, Jane sees the principle risks as being the effects of quantitative easing, inflation and deflation, and currencies. In such an environment, he wants exposure to the economic recovery but is rather less enthusiastic about government bonds: "You can argue about the scale and pace of it but economies around the world are all recovering, so I own a fair amount of equities. But I've tipped the balance away from emerging markets as valuations are no longer adding up." Jane believes the fund's flexibility to allocate capital between asset classes in such an unconstrained way, as well as its ability to respond decisively to changing financial conditions and asset valuations, are its key selling points. "Well-run multi-asset funds will dominate the retail sector in the years to come," he predicts. |
Posted at 30/5/2008 21:30 by haveagoodday From Times OnlineMay 28, 2008 Japan: the land of the rising return? David Budworth Given the turbulence in the markets over recent months you might not have noticed that the Japanese stock market has been doing rather well. Since hitting a low of 11,788 in mid-March the Nikkei 225 index of Japan's leading companies has leapt 16 per cent, making it one of the top performing markets worldwide. Two months is, of course, a very short time frame on which to base investment decisions. But it is worth taking note, as the burst in performance has coincided with a new found optimism in Japan amongst fund managers. Many think that the Japanese market, which has been in the doldrums for most of the past decade, could finally be turning a corner. Paul Chesson, head of Japanese equities at Invesco Perpetual, a fund manager, says: "We still believe that the stock market as a whole will be tough going over the next year. However, there are now more shares in the market where I believe we can make double-digit returns over the next year than we have been able to find for some time." Other fund managers, like Stephen Harker at SG Asset Management, say that Japanese equities are the most attractively valued for 25 years. More than half of Japanese companies trade at less than book value - the accounting value of their assets - according to Goldman Sachs, an investment bank. Dividend yields are also rising, with Japanese equities now yielding more than bonds. According to Hargreaves Lansdown, a financial adviser, this has only happened twice before - in 1998 and 2003. Both times, this was followed by a rally in the market. After over a decade of falling prices the Japanese economy also appears to have turned its back on deflation, which has made it difficult for companies to raise prices and discouraged the Japanese consumer from spending money. Japan's nationwide consumer price index (CPI) rose 1.2 percent in March from a year earlier, the biggest rise since March 1998. Although this was largely down to rising energy prices, economists say that there are encouraging signs that inflation is beginning to appear in the broader economy. Seasoned investors will, quite rightly, say that they have heard such talk before. There have been many false dawns in the land of the rising sun that have come to nothing. But the underlying factors, this time around, make Japan looks a more compelling investment than it has for many years. The next 12 months look likely to to remain tough as the credit crisis works itself out. But if you are prepared to hold for the long-term now looks like a good time to invest. |
Posted at 21/4/2008 06:00 by energyi article in today's WSJ about J-ReitsCheap, but takeovers are difficult. "Thee arent so many buyers. Institutional investors generally focus on REITs with net asset values above $900 million to $1 Billion. But among Japan's 42 listed REITs, 27 are below $900 million in NAV." Over half trade below NAV Single-residence REIT (JP:8970) chart ...which focuses on residential real estate trades at a 54% discount to NAV |
Posted at 05/1/2008 15:10 by knowing Nikkei index drops to 17-month low« Previous « PreviousNext » Next » View GalleryJAPAN'S Nikkei stock average tumbled 4 per cent to its lowest close in 17 months yesterday as investors dumped shares across the board on concerns that a stronger yen, higher oil prices and a shaky US economy would dent corporate profits. Auto makers and high-tech shares, such as Sony, were among the hardest hit. The yen traded near a five-week high on the dollar and a weak set of economic data from the United States sparking jitters over a key market for Japanese exports. Shares failed to get a lift out of comments by Financial Services Minister Yoshimi Watanabe, who said they were "relatively cheap". |
Posted at 29/7/2007 10:19 by hectorp from an article elsewhere. Buy JApan. The Yen is 20% undervalued. So what has that to do with the UK and NRK in particular? Have a look at the chart comparing GBP:Yen, USD:Yen and the DJIA free stock charts from www.advfn.com see the relationship between all three? The direction of the DJIA is directly related to the movements of the Yen. That controls the liquidity / money supply of the US and UK. The DJIA as we all know controls to a large extent the movement of the FTSE. Further rises in the Yen and the DJIA / FTSE will also drop proportionately. Even it doesn't happen next week or the week after, as long as there are huge open positions in the Yen, it will happen. All eyes on the Japanese central bank for the next rate rise (August?). The Japanese economy is at long last roaring ahead, (GDP up 5% this year) so rates will be increased. The Yen gained 10 Yen last week against the £. It will gain another 40 to find a true level. Friedman's rule (of thumb, it's actually a bit more complex) for a stable economy is; rate of money supply - CPI = interest rate. We have 13% - 2.4% = 5.75%. No, it doesn't balance. So either money supply contracts sharply or interest rates rise by over 4%. Either way, it's bad news for house prices and therefore lenders. What should investors do? Consider buying gilts (lock in a 5% return for 10 years, that rate will look attractive when the inevitable recession, probably depression hits the US and UK) next year. Keep cash to take advantage of bargains in a year or so time, buy Yen or Japanese assets (investments trusts are easy), steer clear of US/UK assets for the time being. rgds |
Posted at 09/7/2007 08:29 by knowing Tokyo shares close up on machinery data ; Nikkei hits 7-yr high - UPDATETOKYO (Thomson Financial) - Tokyo shares closed higher Monday, with the benchmark index at its best finishing level in seven years, after Japanese May machinery orders data sharply exceeded market expectations. A solid showing on Wall Street Friday also underpinned the gains, while the soft yen provided further optimism that leading exporters may upgrade their fiscal full year earnings forecasts when they report first quarter results in the coming weeks. Data released before the opening bell showed that the value of core private-sector machinery orders in May rose a seasonally-adjusted 5.9 percent from April, well above the market consensus for growth of 2.6 percent. The blue-chip Nikkei 225 Stock Average closed up 121.04 points or 0.67 percent at 18,261.98, off a high of 18,282.15 and a low of 18,213.59. It was the index's highest closing level since early May 2000. The TOPIX index of all issues listed on the Tokyo Stock Exchange's first section finished up 12.56 points or 0.71 percent at 1,792.23, off a high of 1,794.73 and a low of 1,785.74. Gainers beat decliners 1,125 to 462, with 140 issues flat. Volume rose to an estimated 1.7 billion shares from 1.68 billion shares Friday. "Wall Street's gains, a softer yen and upbeat machinery orders supported the market," said Hiroichi Nishi, equity chief at Nikko Cordial Securities. He said, however, that further upside ahead of the two day central bank policy meeting starting Wednesday is likely to be muted as investors adopt a more cautious stance. "A July rate increase is unlikely so the main attention will be on Bank of Japan governor(Toshihiko) Fukui's comments after the meeting for any clues he might provide on the timing of the next rate increase," Nishi said. The current market expectation is that the central bank will hike its key rate in August, though given the sharp differential in benchmark rates between Japan and other industrialized countries, an increase is unlikely to give much of a lift to the yen, which is being pressured by continued heavy carry trades, Nishi said. Oil shares rose as crude prices remained firm. Showa Shell rose 34 yen or 2.3 percent to 1,536, Nippon Oil was up 16 yen or 1.4 percent at 1,151 and Cosmo Oil gained 9 yen or 1.4 percent to 670. Among non-ferrous metals producers, Sumitomo Metal Mining was up 105 yen or 3.8 percent at 2,875, Mitsubishi Materials gained 5 yen or 0.7 percent at 704 and Sumitomo Light Metal Industries rose 3 yen or 1.0 percent to 296. Electronics shares were also in demand. Nikon rose 130 yen or 3.7 percent to 3, 680, Fanuc gained 160 yen or 1.3 percent to 12,860 and Minebea was up 15 yen or 2.2 percent at 704. |
Posted at 31/5/2007 01:32 by energyi Investment Trusts Records 1 to 50 of 64Fund Name Group Name 1 Aberdeen All Asia Investment Trust PLC Aberdeen Asset Managers Limited 2 Aberdeen Asian Income Fund Limited Aberdeen Asset Managers Limited 3 Aberdeen Asian Smaller Companies Investment Trust PLC Aberdeen Asset Managers Limited 4 Aberdeen New Dawn Investment Trust PLC Aberdeen Asset Managers Limited 5 Advance Developing Markets Trust plc Progressive Asset Management Limited 6 Advance UK Trust plc Progressive Asset Management Limited 7 Atlantis Japan Growth Fund Ltd Atlantis Fund Management (Guernsey) Limited 8 Bankers Investment Trust plc Henderson Global Investors Limited 9 British Assets Trust plc F&C Management Limited 10 British Empire Securities & General Trust plc Asset Value Investors 11 Brunner Investment Trust plc Allianz Global Investors 12 Close Japanese Accelerated Performance Close Fund Management Investment Limited 13 Edinburgh Dragon Trust plc Aberdeen Asset Managers Limited 14 Edinburgh Worldwide Investment Trust PLC Baillie Gifford & Company 15 Electric & General Investment Trust plc Taube Hodson Stonex Partners 16 F&C Global Smaller Companies plc F&C Management Limited 17 Fidelity Asian Values PLC Fidelity Investments International 18 Fidelity Japanese Values PLC Fidelity Investments International 19 Finsbury Worldwide Pharmaceutical Trust PLC Frostrow Capital LLP 20 Foreign & Colonial Investment Trust F&C Management Limited 21 Gartmore Global Trust PLC Gartmore Fund Managers 22 Genesis Malaysia Maju Fund Limited Genesis Fund Managers 23 Henderson Far East Income Ltd Henderson Global Investors Limited 24 Henderson TR Pacific Investment Trust plc Henderson Global Investors Limited 25 Herald Investment Trust plc Herald Investment Management Limited 26 iimia IT iimia 27 INVESCO Japan Discovery Trust plc INVESCO Asset Management Limited 28 Japan Investment Trust plc Baillie Gifford & Company 29 JPMorgan Asian Investment Trust plc JPMorgan 30 JPMorgan Elect Managed Growth plc JPMorgan 31 JPMorgan Fleming Japanese Investment Trust plc JPMorgan 32 JPMorgan Fleming Japanese Smaller Companies Investment Trust plc JPMorgan 33 JPMorgan Fleming Overseas Investment Trust plc JPMorgan 34 Jupiter Green Jupiter Asset Management Limited 35 Jupiter Primadona Growth Trust PLC Jupiter Asset Management Limited 36 Law Debenture Corporation plc Law Debenture 37 Martin Currie Pacific Trust Martin Currie Investment Management Limited 38 Martin Currie Portfolio Investment Trust Martin Currie Investment Management Limited 39 Melchior Japan Investment Trust Dalton Strategic Partnership 40 Mid Wynd International Investment Trust PLC Baillie Gifford & Company 41 Monks Investment Trust PLC Baillie Gifford & Company 42 Morant Wright Japan Income Morant Wright Management 43 Murray International Trust PLC Aberdeen Asset Managers Limited 44 Pacific Assets Trust plc F&C Management Limited 45 Pacific Horizon Investment Trust PLC Baillie Gifford & Company 46 Perpetual Japanese Investment Trust plc INVESCO Asset Management Limited 47 Polar Capital Technology Trust Plc Polar Capital Partners Ltd 48 Premier Asian Assets Premier Fund Managers Limited 49 Premier Pacific Income Fund Premier Fund Managers Limited 50 Prospect Japan Fund Limited Prospect Asset Management Inc 51 RCM Technology Trust PLC Allianz Global Investors 52 RIT Capital Partners plc J Rothschild Capital Management 53 Schroder Asia Pacific Fund plc Schroders 54 Schroder Japan Growth Fund plc Schroders 55 Schroder Oriental Income Schroders 56 Scottish American Investment Company PLC Baillie Gifford & Company 57 Scottish Investment Trust plc Scottish Investment Trust 58 Scottish Mortgage Investment Trust PLC Baillie Gifford & Company 59 Scottish Oriental Smaller Companies Trust plc First State Investments 60 Shin Nippon PLC Baillie Gifford & Company 61 SVM Global Fund SVM Asset Management 62 Witan Investment Trust plc Witan Investment Services 63 Witan Pacific IT Witan Investment Services 64 World Trust Fund Lazard Asset Management @: JAPAN -specific Inv. Trusts:: 13 IT's Fund Name Group Name 7 Atlantis Japan Growth Fund Ltd Atlantis Fund Management (Guernsey) Limited 12 Close Japanese Accelerated Performance Close Fund Management Investment Limited 18 Fidelity Japanese Values PLC Fidelity Investments International 27 INVESCO Japan Discovery Trust plc INVESCO Asset Management Limited 28 Japan Investment Trust plc Baillie Gifford & Company 31 JPMorgan Fleming Japanese Investment Trust plc JPMorgan 32 JPMorgan Fleming Japanese Smaller Companies Investment Trust plc 39 Melchior Japan Investment Trust Dalton Strategic Partnership 42 Morant Wright Japan Income Morant Wright Management 46 Perpetual Japanese Investment Trust plc INVESCO Asset Management Limited 50 Prospect Japan Fund Limited Prospect Asset Management Inc 54 Schroder Japan Growth Fund plc Schroders 60 Shin Nippon PLC Baillie Gifford & Company |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
