Limited downside

The second and third quarter of 2002 gave very good performance for Japanese mutual funds. Disappointment came during the fourth quarter, so now the downside risk once again appears limited.

Jonas Lindmark 13.01.2003
The Tokyo stockmarket had an eventful 2002. Expectations were very low att the start of the year, since many investors feared a financial collapse at the end of the fiscal year on March 31st. Still the MSCI Japan Index developed slightly better than the MSCI World index during the first quarter, probably due to government interventions that limited the downside.

Relief that the financial system did not collapse, plus strong GDP-growth during the first quarter, made Tokyo a winner among global stockmarkets during the second quarter - while the World index fell 10%, MSCI Japan gained 7% (both in dollars). Japanese shares gave good relative performance during the third qurater as well, minus 12% while MSCI World fell 19%. The result after nine month was that MSCI

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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.

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