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Increased political risk

The leadership election in September inside the ruling LDP has increased the political risk in Japan, adding to the stockmarket fall. Meanwhile improved cash flow is a long-term argument for Japanese equities.

Jonas Lindmark 23.04.2003
The Tokyo stock exchange has once again moved against the other main markets. So far during April (up to the 22nd) the MSCI world index is up 7% while MSCI Japan is down 3% (both in dollars).

This difference between Tokyo and the rest of the world has historically been larger than in most other countries, meaning that a small investment in Japanese equities has lowered the total equity risk. The problem with this is that Japanese equities also need to give a positive expected future return. There are no doubt many causes of the underperformance so far this year, but increased political risk is probably the primary cause.

Investor sentiment

Arguments to invest in Tokyo might seem difficult to find after 13 years of falling prices, low economic growth and

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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.