Foreigners cause volatility in Japan

Stockmarket volatility has been much higher in Japan than in other major markets during the first half of 2004. The flow of foreign investment is probably one of the main causes.

Jonas Lindmark 23.09.2004
The Tokyo stockmarket has been much more volatile than the MSCI World index so far this year. During the first quarter the MSCI Japan index climbed 15% while the MSCI World index was only up 2% – all index figures in dollar terms. The steep climb came in March. It may partly have been caused by corporate transactions to improve balance sheets ahead of the end of the fiscal year in Japan on March 31st.

During the second quarter Tokyo has instead been one of the losers, falling 7% as of June 8th while the MSCI World index is unchanged. Such large movements increase uncertainty for investors and the market standard deviation, a popular risk measure, increases.

Foreign influence

It is hard to determine the main cause of changing share

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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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