Things seem to be looking up for Japan. The Nikkei is up 24% since its 6 February 10,000 low and the Topix banking sector is up 25%. But, a closer look and all is not what is seems
'Unprecedented' is a word this trade shies away from ' there is too much risk a finicky reader somewhere will trump you with a previous example of your case. But I'm tempted to break the rule as I watch the Tokyo stock market, especially those bizarre banking stocks. The Nikkei is up 24% since it hit that below-10,000 trough on 6 February, and the Topix banking sector is up 25%. The outstanding performer is Mizuho Holdings, the world's largest bank in terms of assets: it has gained 68% since the bottom last month and closed on Friday at ¥337,000. I have seen ramping operations in Japan be...
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