Tokyo: momentum

Article Abstract:

Share prices on the Tokyo stock market, Japan, are likely to rise in the medium term, according to Kleinwort Benson. Corporate earnings should help share prices following restructuring involving capacity reductions and natural wastage of labor. Shares are inexpensive in relation to bonds. Domestic investors tend to buy bonds rather than shares, leaving share prices more influenced by foreign investors. Foreign ownership of shares has risen as a proportion of total ownership, and Japanese shares are thus more likely to be affected by international trends.

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It's still reflection time in Tokyo

Article Abstract:

Share prices in Japan have recovered in the year from summer 1995, but domestic investors are still unconvinced that a bull market may be emerging. The Bank of Japan has kept interest rates at 0.5% since Sep 1995 and the authorities aim to keep the value of the Japanese yen at a low level. Corporate results reflect an improvement in the economy. There is still concern about the banking industry, especially smaller banks, and there is also concern about what will occur when monetary policy is tightened.

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Japan: springtime in Tokyo

Article Abstract:

The Japanese economy is benefiting from a drop in the value of the Japanese yen in relation to the US dollar, and this has helped share prices to rise. A rise in US interest rates could lead to an outflow of US funds from Japan. Domestic institutions in Japan have finally shown interest in their stock market and this means that it is less dependent on foreign investment. There is also less concern over a possible rise in Japanese interest rates.

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