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More bad news

The MSCI Japan index, measured in yen, hit a new 16-year low on September 4th but has since managed to stay above that level.

Jonas Lindmark 02.10.2002
On a positive note, as of September 24th the Tokyo stockmarket had fallen much less than most other stockmarkets - both during September and in the year-to-date. The MSCI Japan index, measured in dollars, is only down 7% this year while the MSCI World is down 27%.

Investor sentiment

Considering the amount of bad news coming out of Japan this outperformance might seem illogical. Yet there is a background of extremely negative sentiment since the beginning of 2002.

Investors feared a financial collapse at the end of the fiscal year on March 31st. When this was averted many investors, underweight in the region, probably predicted that future bad news would be limited.

Still the bad news that emerged in Sep

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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.