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Tokyo in opposite direction

Jonas Lindmark 28.08.2002
Japanese equities continue to go their own way. The MSCI World index hit this years low on July 23rd and has during the following month recovered by 13%. But in the same month MSCI Japan has fallen 5% (both in USD).

On the other hand, MSCI Japan is plus 1% this year, up until August 23rd, while the world average is down 15%. Clearly the Tokyo stock market, compared to stock exchanges in Europe, is much more influenced by local factors and much less by the US.

This spring the yen rebounded sharply against the dollar, after trading in the range ¥127-135 to the dollar during five month until the middle of May, it has traded below ¥121 since the end of June. A falling dollar makes Japanese exporters less competitive and the country’s shares more expensive relative to American

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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.