Share Name Share Symbol Market Type Share ISIN Share Description
Perpetual Japanese Inv Tst LSE:PJI London Ordinary Share GB0006829583 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 46.25p 0.00p 0.00p - - - 0 06:40:20
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments - - - - 42.63

Perpetual Japanese Share Discussion Threads

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Hmmm could be GOOD time to pick some up again here...
start buying these back... been a long time!
same to you jwww. trust you are well.
grupo guitarlumber
I think sunrise is well upon us, and this little beauty is undervalued. I wonder if they'll engage in the popular pastime of buying back any of their shares.
Japanese Industrial Output Probably Rose on Steel, Auto Demand Dec. 27 (Bloomberg) -- Japanese industrial production in November probably rose for the first month in three as carmakers and steel companies raised production to meet higher overseas demand, economists said. Production probably gained a seasonally adjusted 1.8 percent from the previous month, according to the median forecast of 32 economists surveyed by Bloomberg News. In October, production fell 1.3 percent. The trade ministry report is due for release tomorrow at 8:50 a.m. in Tokyo. Companies including Toyota Motor Corp., the world's biggest automaker by market value, are increasing output to meet rising demand in the U.S. and other foreign markets, helping offset weaker production by electronics companies that are paring inventories. Japan's economy grew at a 0.2 percent annual pace in the third quarter after contracting 0.6 percent the previous three months. ``A pickup in production suggests the economy is slowing but not as quickly or rapidly as the recent picture of the economy suggests,'' said Glenn Maguire, an economist at Societe Generale Australia Ltd. in Sydney. Japanese exports, which grew at their slowest pace in more a year in the third quarter, accelerated in November to a year-on- year gain of 13.4 percent, led by autos and steel. Exports grew a revised 11.7 percent in October. U.S. Demand Toyota last week said it expects overseas sales to rise 10 percent in 2005 as it releases new models and as demand rises in the U.S., Asia and Europe. The company is aiming to post record earnings for the business year ending March 31. Retail sales in the U.S., Japan's biggest overseas market, unexpectedly gained for a third straight month in November. Retail sales in China last month grew 13.9 percent to their second-highest level. Economists surveyed by Bloomberg this month raised their U.S. growth forecast for this quarter, expecting the economy to expand at a 3.8 percent annual rate compared with an earlier 3.5 percent rate estimated in November. Steel exports from Nippon Steel Corp., JFE Holdings Inc. and other Japanese makers rose 18.5 percent in November, gaining for the first time in four months because of higher demand in Southeast Asia, the Ministry of Finance said last week. Expansion by steelmakers and car companies comes amid weaker demand for electronics. Worldwide sales of semiconductor equipment will contract 5 percent to $33.5 billion next year, industry group Semiconductor Equipment & Materials International said in a Dec. 1 report, cutting its earlier forecast of a 24 percent gain. Typhoon, Earthquakes A rise in overall output in November would also come after a typhoon and earthquakes disrupted production in October. Typhoon Tokage, the most destructive in a decade, killed 61 people, while a series of earthquakes and aftershocks in Japan's northwestern Niigata prefecture killed at least 37 and damaged roads and rail lines. Typhoons earlier in the year also contributed to weaker consumer spending, which slowed in the three months ended Sept. 30 for the second straight quarter, to 0.9 percent. Spending last month by households headed by a salaried worker probably rose 0.5 percent after falling 1.2 percent in October, according to the median forecast of two economists surveyed by Bloomberg News. The report from the government's statistics bureau is due at 8:30 a.m. tomorrow. Consumer Prices The bureau will release the unemployment rate for November at the same time. The jobless rate, which has fallen from a record high of 5.5 percent in January 2003, will probably be unchanged from the previous month at 4.7 percent in November, according to the median forecast of 31 economists in a separate survey. The statistics bureau will also announce November's nationwide core consumer prices, which exclude fresh food, at 8:30 a.m. tomorrow. Core prices, which have risen once since April 1998, probably fell 0.1 percent last month according to the median forecast of 27 economists. Japan's central bank has pumped cash into the economy and kept borrowing costs at almost zero since March 2001 in a bid to spur growth. It has pledged to stick to the policy until core prices stop falling and stabilize. The trade ministry will also release November retail sales figures at 8:50 a.m. tomorrow. No forecast was available for retail sales, which declined 0.1 percent in October. source
Overweight stance on Japanese equities Monday, August 23, 2004 9:36:53 AM ET J.P. Morgan Securities LONDON, August 23 (New Ratings) - Analyst Abhijit Chakrabortti of JP Morgan prefers an overweight stance on Japanese equities, given the healthy profitability, the monetary conditions in Japan and the attractive valuations. In a research note published this morning, the analyst mentions that the profitability of US companies have reached their cyclical peak and the current trends are towards more sustainable levels. However, productivity and unit labour costs of Japanese companies continue to improve, the analyst says. Japanese stocks are expected to offer the highest absolute returns in the near term, according to JP Morgan.
Business sentiment in Japan at 13-year high By Barney Jopson in Tokyo Published: July 1 2004 2:33 | Last Updated: July 1 2004 12:07 Japan's economic revival passed another landmark on Thursday as the Bank of Japan's Tankan survey showed corporate confidence had risen to its highest level since the bursting of the bubble. The survey's headline index of sentiment at large manufacturers in June was the best since 1991, while measures of confidence at smaller manufacturers and big non-manufacturers also hit 13-year highs. The upbeat results reflected strong export growth, a pick-up in domestic demand and the fruits of restructuring, which have combined to boost corporate profits. They also endorsed a BoJ assessment last month that said the country's economy was in its strongest state since the bubble era. “This confirms the strength of the economic cycle and tells us there is a breadth to the recovery we have not seen in the past decade,” said Richard Jerram, economist at ING in Tokyo. Out of 27 sectors surveyed, pessimistic companies outnumbered optimists only in retail and construction. Following news of an unexpected drop in industrial production growth earlier this week, Takehiro Sato, economist at Morgan Stanley, said: “The Tankan seems to mark the climax of recovery momentum. The upturn will continue this year, but at a slightly lower pace.” The Tankan diffusion index for large manufacturers - which subtracts the percentage of companies that say conditions are favourable from those that say they are unfavourable - rose to 22 in June from 12 in March. The index for small manufacturers climbed to 2 from minus 3, confirming the effects of rising production and investment at big exporters were spreading through the economy, although not as quickly as some economists had expected. Among non-manufacturers, the large companies index rose to 9 from 5 while the small companies index also improved, but remained at a downbeat minus 18. Service companies have benefited from greater corporate activity as well as increases in household spending, which has crept up as unemployment falls and incomes begin to stabilise. A fall in the retail diffusion index, however, suggests new spending is not taking place in the shops. Across sectors, large companies said they planned to raise capital investment 5.7 per cent in the year to March 2005, and expected sales growth of 1.8 per cent and profits up 8.8 per cent. The April-to-June quarter may mark Japan's third consecutive quarter of economic expansion over 6 per cent, according to some forecasters. Strong growth, together with easing consumer price deflation and a healthier banking system, have convinced some observers that Japan is pulling out of over a decade of repeated recessions.
Give Some Credit to BOJ for Economic Turnaround: David DeRosa June 13 (Bloomberg) -- After more than a decade of economic turmoil, Japan appears to have turned the corner. What has it finally done right? And what does the Bank of Japan think are the reasons for the about-face of the world's second-largest economy? Answers to that question would reveal the BOJ's understanding of the economy and its own role. BOJ Deputy Governor Toshiro Muto, in a speech entitled ``What Lies beyond This Cyclical Recovery?'' in London on June 7, credited Japan's recovery to totally extraneous, even international, factors. Though he talked about monetary policy, he never credited the switch from targeting interest rates to money supply management as a possible reason for Japan being on the mend. In other words, the BOJ, based on Muto's address, doesn't seem to think it's at all responsible for the economy's improved performance. As for the economy, the bank reports that economic growth is forecast to be 3.1 percent in fiscal year 2004, following 3.2 percent in the previous year. This is a tremendous improvement from the stagnation that Japan has endured, with a few growth interruptions, since 1990. Muto's first factor in Japan's turnaround is the ``encouraging outlook'' for the world economy, in particular the U.S. economy. The BOJ, of course, has had nothing to do with that. His second factor is the big demand for digital consumer products in Japan and abroad. Muto says that Japanese manufacturers have a competitive edge in ``high-end electronic devices including flat-screen panels.'' They don't make flat panels at the BOJ. The third and ``most important'' factor cited by Muto is progress in making ``structural adjustments.'' By a structural adjustment, he appears to mean that companies are getting out from under debt. He noted the decline in the ratio of corporate debt to cash flow, even for small and medium-sized manufacturing firms. Now it's correct that the BOJ has campaigned zealously for structural adjustment, such as de-leveraging of corporations and elimination of non-performing bank loans, but that isn't really monetary policy. Money and Prices In summary, Japan is doing better because the U.S. and other parts of the world are growing, consumers are buying advanced digital electronics, Japanese companies are slowly emerging from a mountain of debt, and banks are cleaning up non-performing loans. As for the BOJ, its focus has been on ending the sustained fall in consumer and producer prices, meaning a halt to deflation. To that end, in 2001 the BOJ switched from targeting interest rates to managing the growth rate of the base of the money supply (currency plus commercial bank reserves held at the central bank). The later is termed ``quantitative easing.'' The BOJ was coaxed into quantitative easing by a chorus of critics who complained that the bank had allowed the money supply's growth rate to decline to dangerously low levels. The BOJ was reluctant to try quantitative easing. By some measures, it has not achieved much in the way of results because prices are still falling in Japan, though perhaps at a smaller speed. Yet the economy is improving. Paradoxically, the BOJ is ever-so eager to resume targeting interest rates, which it says it will do when there is convincing evidence that consumer prices have stopped falling. Alternative Explanation It would seem that the only use for monetary policy at the BOJ is for curing deflation (or inflation). If you want the economy to grow, turn to the product engineers at the flat panel factory, not the policy makers at the BOJ. The idea that monetary policy might affect real economic growth goes unmentioned in anything coming out of the BOJ. There's an alternative interpretation of what has happened in Japan. Before quantitative easing, the BOJ was literally choking growth out of the economy by permitting little or no growth in the money supply. Economic decision makers knew the BOJ was hopelessly incompetent. With the switch to quantitative easing, some resurgence of trust in policy makers returned. That, in part, is why Japan has resumed growing. And why are prices still falling if quantitative easing is working? Simple. The BOJ did do some quantitative easing, though it didn't do enough. And even when it started to have beneficial effects, the BOJ started to prepare the country for when it would switch back to targeting interest rates. Maybe digital electronics, foreign growth, and debt reduction played a role, but the modicum of policy improvement at the BOJ was a help.
Experts back Japan as market soars Kathryn Cooper FUND managers are dumping British shares in favour of Japan as confidence grows that the country is finally emerging from more than a decade of decline. Japan’s Nikkei 225 index has beaten other developed markets over the past year, surging 50% compared with a gain of just 16% for the FTSE 100. Last week, a survey of 300 fund managers by Merrill Lynch, the investment bank, found Japan was their favourite market, with the number who were positive about the country at an all-time high. Britain was at the bottom of the league table. David Bowers, chief investment strategist at Merrill Lynch, said: “The survey showed a big swing into Japanese equities. Managers believe the profits outlook for Japanese firms is better than in Britain, the eurozone and even America. Japan is also seen as one of the world’s most undervalued markets. Britain has been the main loser from this swing.” Investors’ confidence has been boosted by an upturn in the Japanese economy. It grew 2.3% last year, compared with a contraction of 0.3% in 2002. Japan’s growth beat both Britain and the eurozone, and was well above its 10-year average of 1.3%. Experts think the Japanese upswing will continue, with the economy expected to expand by 3% this year. Julie Dent, director of global equities at Isis, a fund manager, said: “I am more upbeat about Japan’s economic situation than at any time in the past 10 years.” Japan’s problems stem from the late 1980s, when the country was in the grip of a stock-market and property boom. Companies rushed to expand and banks lent them huge sums of money, often with over-priced land as collateral. In 1989, however, the bubble burst. Shares and land values plunged, leaving banks with a mountain of debt that firms are still struggling to repay. Companies and consumers stopped spending and the country fell prey to deflation — falling prices for goods and services. The Nikkei 225 is still 70% below its 1989 peak of 39,916, despite the recent recovery. Japan’s upturn has been driven by surging exports to America and China, but analysts hope the domestic economy will also pick up and support a sustained recovery. Haydn Davies, chief economist at Barclays Global Investors, a fund manager, said: “Japan has experienced export-led recoveries before, but they have petered out because manufacturers, rather than the service sector, were the main beneficiaries — and they account for a small part of the overall economy. This time we think the service sector will pick up, which should create jobs and kick-start consumer spending.” Experts believe Japan’s problems of deflation and bad debts are also being resolved. Dent said: “Deflation is easing; consumer prices turned positive in October for the first time since April 1998. Office rents have bottomed out and apartment prices in Tokyo are rising. “We have also seen an improvement in Japan’s bad-debt problem. Recent results show that non-performing loans declined by 26% over the year.” Foreign investors could also get a boost from the yen. A record number of the fund managers polled by Merrill Lynch think it is undervalued and will appreciate against other currencies over the next year. However, some analysts remain sceptical. Jason James of HSBC said: “We believe the domestic recovery is just a product of the strength of exports; it is not self-sustaining. And if the real driver is exports, there are big risks if the American economy slows down, or if China slams on the brakes even harder to prevent its economy overheating.” Last week, figures revealed that China grew at an annual rate of 9.7% in the first three months of the year. The government raised bank reserves to cool the boom. James said: “We think the Japanese market could rise by another 10% in the short term, but we expect it to fall back in the summer when investors start to question the sustainability of the recovery.” Investors can avoid any slowdown by picking the right stocks. Jonathan Asante of Framlington, a fund manager, said: “Even if Japan’s recovery has been driven by exports to China, it does not mean you can’t make money. Some smaller companies are improving their balance sheets and boosting profitability. That’s where you should look for growth.” source
from The Japan Thread:-) rambutan2 - 16 Apr'04 - 16:55 - 198 of 198 bullish bit...
Six Japan banks ratings upgraded; outlook raised to stable on 13 - Fitch TOKYO (AFX-ASIA) - Fitch Ratings said it has upgraded the individual ratings of five Japanese banks -- Bank of Tokyo-Mitsubishi, Mitsubishi Trust and Banking, Sumitomo Trust and Banking, Bank of Yokohama and Chiba Bank. The company also raised short-term ratings of Bank of Yokohama and Hiroshima Bank, the rating agency said in a statement. Fitch Ratings also revised upward to 'stable' from 'negative' long-term rating outlooks of these five banks and those of a further seven Japanese banks and one overseas subsidiary as listed below. The upgrades of the individual ratings reflect the recovering financial performance and strength of the five banks, the ratings agency said, indicating that they have made reasonably good progress in working through asset quality problems. Long-term ratings are based on Fitch's expectation of strong government support for these banks, and an upgrade of the outlook to stable on those banks reflects easing pressure from the economic environment, Fitch said. Short-term ratings, also based on support, are underpinned by the liquidity support of the Bank of Japan to banks it considers to be appropriately capitalised, it said. Details of upgrading. Bank of Tokyo-Mitsubishi: Individual rating upgraded to 'C/D' from 'D' and long-term credit rating outlook changed to Stable from Negative. Other ratings affirmed at long-term 'A-' (A minus), short-term 'F1' and Support '1'. Mitsubishi Trust and Banking: Individual rating upgraded to 'D' from 'D/E' and long-term rating outlook changed to Stable from Negative. Other ratings affirmed at long-term 'A-' (A minus), short-term 'F1' and Support '1'. Sumitomo Trust and Banking: Individual rating upgraded to 'D' from 'D/E' and long-term rating outlook changed to Stable from Negative. Other ratings affirmed at long-term 'BBB+', short-term 'F2' and support '2'. Bank of Yokohama: Individual rating upgraded to 'D' from 'D/E', short-term to 'F2' from 'F3' and long-term rating outlook changed to Stable from Negative. Other ratings affirmed at long-term 'BBB' and support '2'. Chiba Bank: Individual rating upgraded to 'D' from 'D/E'. Other rating affirmed at long-term 'BBB' with Stable outlook, short-term 'F2' and support '2'. Hiroshima Bank: Outlook changed to Stable from negative and short-term rating upgraded to 'F2' from 'F3'. Other ratings affirmed at long-term 'BBB', individual 'D/E' and support '2'. The outlook on the following banks has been upgraded to stable from negative, while other ratings have been affirmed. Mizuho Bank: Long-term 'BBB+' (outlook stable), short-term 'F2', individual 'E' and support '2'. Mizuho Corporate Bank: Long-term 'BBB+' (outlook stable), short-term 'F2', individual 'E' and support '2'. Mizuho Trust and Banking: Long-term 'BBB+' (outlook stable), short-term 'F2', individual 'E' and support '2'. Sumitomo Mitsui Banking Corp: Long-term 'BBB+' (outlook stable), short-term 'F2', individual 'E' and Support '2'. Sumitomo Mitsui Banking Corp Europe: Long-term 'BBB+' (outlook stable), short-term 'F2', individual 'C/D' and support '2'. UFJ Bank: Long-term 'BBB+' (outlook stable), short-term 'F2', individual 'E' and support '2'. UFJ Trust Bank: Long-term 'BBB+' (outlook stable), short-term 'F2', individual 'E' and support '2'. Hokuriku Bank: Long-term 'BBB-' (outlook stable), short-term 'F3', individual 'E' and support '2'. nt/wpf
Bank of Japan Raises Assessment of Economy in April (Update2) April 9 (Bloomberg) -- The Bank of Japan became more optimistic about the economy for the first time since December because of signs that an export-led recovery is spreading to consumers and service companies. ``Japan's economy continues to recover gradually, and domestic demand is becoming firmer,'' the bank said in its monthly economic assessment released in Tokyo. ``Improvements in business sentiment have been spreading across industries.'' more
Perpetual Japanese Investment Trust plc HEADING: Top 10 Investments Perpetual Japanese Investment Trust plc announces that, as at 31 March 2004, its top ten investments were as follows: Investments over 5% of total assets Honda Motor Co Takeda Chem Inds East Japan Railway Investments under 5% of total assets NTT Docomo KAO Corp Tokyo Gas Co Nippon Tel&Tel Cp Canon Inc West Japan Railway Nissan Motor Co Ordinary Shares unless otherwise stated. This information is based on the most recent available valuation, as at 31 March 2004. This announcement is made in accordance with Paragraph 21.20(l)(ii) of the Listing Rules. INVESCO Asset Management Limited 2 April 2004 END Perpetual Jap.(PJI)
Is the sun rising on a new Japan boom? Heather Connon Sunday March 28, 2004 The Observer The most dangerous words in investment, according to the legendary Sir John Templeton, are: 'It's different this time.' So there is understandable nervousness among investors about the Japanese market after the 25 per cent rise in the Nikkei 225 index over the past year - the third rally of that magnitude since the market peaked in 1989. The previous two proved blips, and the Nikkei eventually continued its long march downwards. So will it be third time lucky? With a nod in Templeton's direction, David Mitchinson, manager of the Framlington Japan Fund, ventures that it is at least a little bit different now. For a start, when the market hit its low of 7,600 last April, prices were starting to look reasonable - or at least better value than before the two previous rallies. And it is not only shares that have become cheaper: Mitchinson points to the 'lethally high valuations' of other assets - in particular property - which the prolonged bear market had to unwind. At last, he says, there are signs that the property market has become more realistic - taking into account funding and buying costs, property prices are on average a twelfth of what they were in 1990. That has made flats and starter homes accessible to many workers. And, while many are still reluctant to buy, there are signs that investment in retail property is starting, attracted by the low funding costs and reasonable valuations. Japanese consumers are as attached to home-owning as we are, so, if the recent small price rises are maintained, there would be real reason for optimism. The evidence that asset prices are at least levelling off has fuelled enthusiasm among investors for Japan: investment bank Goldman Sachs has turned bullish while Merrill Lynch's quarterly survey of fund managers found that more than three-quarters expect its economy to improve. But the optimists think the story goes beyond the price of flats in Tokyo. For much of the past year, the market's rally has been driven by cyclical businesses, such as coal, oil steel and shipbuilding, which have tapped into the China phenomenon. Those who expect China's growth to continue - like Stephen Mitchell who runs JP Morgan Fleming's Japanese investment trust - think that will continue to drive the performance of the stock market. He points out that much of Japan's industrial base has spent at least the past few years of the prolonged slump restructuring and cutting costs, so the improvement in demand is feeding straight into profits. But Framlington's Mitchinson is more encouraged by the domestic economy. He says retailing has been doing well for two years, and real estate has been improving for nearly three, yet companies in the sector remain reasonable value compared with the cyclical stocks. These have benefited most from last year's rally and he thinks some rises now look overdone. John Hatherly, head of global analysis at M&G, points out that there are still risks in Japan. Deflation, which has dogged the economy - and kept Japanese consumers saving, rather than spending - is still a feature. The bad debts that have crippled much of the banking and insurance sector have not gone away, al though the rise in the stock market has made them slightly less painful. And there is no guarantee that the Japanese authorities, who killed off the last two stock market rallies with ill-judged economic tightening, have learnt how to keep the momentum going. There is also the risk that China will not just overheat but explode. Japan is supplying China directly and also benefiting from soaring sales to all the other countries and companies cashing in on the boom, so any downturn could have a disproportionate effect. Regardless of the economic outlook, last year's surge in prices is unlikely to be repeated; the best investors should hope for now is steady progress from the Nikkei. It should never be a big part of your portfolio - 10 per cent is the maximum most advisers recommend. But those with an appetite for risk could consider investing a small sum in a Japanese fund - the JP Morgan and Framlington ones are both highly rated.,6903,1179248,00.html
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Japanese firms reap rewards of China boom Takashi Shimomiya / Yomiuri Shimbun Staff Writer China's booming economy is delivering windfall gains to some Japanese industries as increased production and a rush of public works projects in the country boost demand for Japanese goods.
courtesy maywillow:
December IP weakness fails to dent Japan’s official optimism Japanese industrial production fell by 1.0% in December, reversing three months of positive growth. However, output for the October-December quarter rose 3.6% from the previous period, reflecting strong performances in October and November. Nor is the country’s Ministry of Economy, Trade and Industry changing its assessment that production is showing signs of recovering. But METI also predicted more bumps ahead for output--its survey of companies points to a 3.6% rise in production in January, followed by a 4.5% fall in February. A key factor in the December setback was a 2.7% monthly decline in general machinery production, but this looks very much like a reaction to extremely strong growth in this sector of 9% in November.
New dawn for Japan By Lucy Warwick-Ching Published: January 23 2004 13:58 | Last Updated: January 23 2004 13:58 Fund managers have continually predicted the end of Japan's bear market, but only now, as a global economic recovery appears to be under way, do the prospects for Japan look brighter.
Anyone for a ¥ ?
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