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Market hopes for hawkish bank chief

The appointment of a new head of the Bank of Japan on March 19th is the latest hope for investors in Japanese equities. The end of the fiscal year, on March 31st, also gives upside potential.

Jonas Lindmark 06.02.2003
The Tokyo stock market hit a new 19-year low at the end of January. It was the fourth new bottom in four month for MSCI Japan in yen, each one slightly lower than the previous. If you add to this that the yen has depreciated both against the euro and against the dollar, most Japan funds are at their all-time-low.

Investor sentiment

Investors were once again disappointed during 2002, when the economic recovery during the spring lost speed and promised economic reforms were further delayed. Foreigners are repetedly amazed by the continous lack of economic common sense among Japanese politicians on issues such as overcapacity, bad loans, foreign trade, immigration and infrastructure investments.

But even now, after so many years of decline, there is still hope. The

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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.