The Tokyo stock market has recovered strongly since last year, although there has been an extremely ...
The Tokyo stock market has recovered strongly since last year, although there has been an extremely wide dispersion of returns among different industries. As in other markets, until very recently technology, media and telecommunication (TMT) stocks have led the market, while a number of other sectors have languished. Indeed many stocks are trading at new lows. In the year to 31 March 2000 the TOPIX index has risen by 35% in yen terms; telecommunications rose 153% and services gained 107%; cyclical sectors fell including construction (-31%), air transport (-27%) and textiles (-15%). Many...
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