Amex neutral on Japan

American Express Asset Management has cut its Japan weighting across its global portfolios as investment consensus grows that the market is recovering. The group has shifted to a neutral position because it believes opportunities for outperformance are better elsewhere now that the market consensus on Japan has moved up to its forecast to 1.5% growth in 2000, The investment house has cut back its cyclical exposure to the Japanese market as well as its telecoms, media and technology holdings, moving into more defensive areas of the market such as utilities, pharmaceuticals and non-life in...