Bond bother, but equity elation

Article Abstract:

There is increasing optimism by some economists about the prospects for the equity market in Japan. The rise in yields could reflect a recovering economy, according to Kirit Shah of Sanwa International, and this is supported by Michael Naldrett of Dresdner Kleinwort Benson, pointing to the close link between PE ratios and the current account surplus. However Peter Oppenheimer of HSBC has warned that the recent increase in the yen may depress exporters' earnings, and the PE ratio may rise, as earnings fall. Others feel that there is scant evidence of a recovery.

Japan

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Chimerical pricing power

Article Abstract:

There is no simple relationship between pricing power and business performance. Companies that process raw materials and only add a little value have less pricing power, and face prices dictated by the market, as is the case of milk processors. Companies in such sectors can still perform well, as is shown by the case of Robert Wiseman Dairies. There may be limits to market power, as is shown by the computer and semiconductor industries. Price setters in niche industries, which enjoy a dominant position may be best placed in terms of protection from competition.

Pricing, Oligopolies

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