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Financial Times (March 14)

2017/ 03/ 15 by jd in Global News

The Japanese stock market resembles “the ghost ship Mary Celeste.” Strewn around the decks are signs that the ship should be hopping with activity: the Topix index at a 14-month high, identifiable value stocks in abundance, a comfortably-positioned yen, fresh legalisation of casinos in the bag and a run of record share buybacks…. And yet there is silence.” Volumes have been low during the last three weeks and “overseas investors have been net sellers…with up to Y78bn leaving the index.” This suggests little wind remains in the Abenomics sails and, quite possibly, that traders are cautious ahead of developments from the Federal Reserve and Donald Trump. But it could also mean that overseas investors have written “Japan off as a credible, reform-minded play on global growth and domestic reflation.”

 

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