Japanese auto stocks appear reasonably valued, but the sector remains under pressure from a weakenin...
Japanese auto stocks appear reasonably valued, but the sector remains under pressure from a weakening dollar and the threat of a US-led consumer slowdown. Auto stocks have underperformed the market over the calendar year to 27 May, returning an 8.7% loss compared to a decline of 3.4% in the Topix Index in yen terms. The sector has rallied in recent weeks after the latest industry sales figures revealed 16.4 million units were sold in April, the highest number this year and well above the 14-15 million trend sales figure. John Hatherly, head of research at M&G Investments, says s...
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