By Scott McGlashan, manager of the Close Finsbury Japanese Equity Fund The final quarter of 2002...
By Scott McGlashan, manager of the Close Finsbury Japanese Equity Fund The final quarter of 2002 was a poor one for the Japanese market. Over the period, the Tokyo Topix Index fell by 8.4% according to Bloomberg. Disappointment over the government's failure, once again, to take meaningful action to stabilise the banking system triggered selling by both foreigners and domestics. At the end of last year, changes to capital gains tax, effective from 1 January, encouraged private investors to dump stock aggressively. This poor stock market performance occurred despite highly en...
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