Japanese equity investors are used to the clichés announcing a change in fortunes but, more often than not, disappointment follows. Paul Burgin asks: Is this ‘new dawn' different?
Over the years, ‘new prime minister', ‘lost decades' and ‘reform' have become stock phrases for Japanese equity investors. Disappointment, more deflation and flat markets usually follow - along with another new prime minister. However, Japanese fund managers insist that this time really is different. The ‘three arrows' of prime minister Shinzo Abe's Abenomics programme are already boosting stock prices. Fiscal stimulus and more aggressive monetary easing have helped devalue the yen and boost exports. Structural reform, the third arrow, may take longer to deliver. "The market outlook c...
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