Tokyo stockmarket goes forward to the past

The Nikkei 225 stockmarket index closed above 9,600 today compared with a recent low of about 7,600 in late April. But it should not be forgotten that even after its recent surge the market is at about the same level as 20 years ago.

Jonas Lindmark 11.07.2003
Meanwhile, Japanese government bond yields have risen sharply; probably on the hope that the authorities are about to implement effective measures against the country’s persistent deflation. Still Japanese bond yields remain substantially below those available in America or Europe.

The recent stockmarket rebound should therefore be seen as a sign of hope rather than reliable evidence of an imminent recovery. It should not be forgotten that over three, six and 12 months the Tokyo market is the worst performer among leading world stockmarkets.

Investors are currently waiting for the presidential election in the ruling Liberal Democratic Party (LDP) in September since the winner also becomes prime minister. Some say Junichiro Koizumi, the incumbent, may be forced compromis

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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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