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Market hits new 16-year low

Jonas Lindmark 13.08.2002
Sharp stockmarket declines around the world in July helped to pull the MSCI Japan index down to a new 16-year low in yen terms on July 26th. So despite a rebound in the spring the market has fallen to just below its level in February when investors were particularly pessimistic.

Part of the recent decline is the result of a falling dollar - late last year there were ¥135 to the dollar but last week the exchange rate was briefly below ¥116. A falling dollar makes Japanese exporters less competitive and the country’s shares more expensive relative to American competitors.

Thanks to good relative performance in both February and April, Tokyo has still done well this year. The MSCI World Index was down 18% as of July 30th while MSCI Japan was up 1% (both in dollar terms). But

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Jonas Lindmark

Jonas Lindmark  on ollut vuodesta 2000 Morningstarin päätoimittaja ja pääanalyytikko Ruotsissa. Sitä ennen hän kirjoitti yhdeksän vuotta rahastoista Affärsvärldeniin.