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Technically, the set up for higher sustainable prices is there, but fundamentally, Japan may be "the most hated market in the globe" according to comments made at the Pragmatic Capitalist blog. In fact, the Pragmatic Capitalist calls Japan "the contrarian of all contrarian bets." If you are looking for some fundamental evidence to like Japan, this article is a good place to start.
Monday, January 25, 2010
Follow Up To EWJ and JOF
In the last 6 weeks, I have highlighted the i-Shares MSCI Japan Index Fund (symbol: EWJ) and the Japan Smaller Capitalization Fund (symbol: JOF). Since December 17, 2009, EWJ is up 4% while the S&P500 is essentially flat over that same time period. Since January 21, 2010, JOF is up a couple of percent in an otherwise crappy tape.
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3 comments:
Hard to believe that the Nikkei is still less than half what it was in 1989! Sometimes it seems as if Japan (still the world's second largest economy?) will never make a comeback. It may be a good contrarian bet in principle, but the truth is that if the US tanks, as it probably will, Japan will go back down again in a jiffy. Sigh.
no perfect investment out there...
Anon, that's a good point. But remember, each market eventually has its own psychology; I have a question for you. How's that in the last 2 decades Nikkei followed his way down pretty much on its own compared to US or emerging markets which were rather flat/up? Why is this impossible the other way? thanks
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