Japanese equities have offered little shelter from the global setback in technology stocks over the ...
Japanese equities have offered little shelter from the global setback in technology stocks over the last three months, with Topix and Nasdaq proving to be highly correlated. Japanese technology stocks, which had enjoyed so much success in 1999, have suffered large falls as a result, while previously ignored old Japan sectors such as textiles, construction, oils and glass, have been among the best performers. However we remain unimpressed by the old Japan, detecting little sign of the changes necessary to introduce shareholder value and greater profitability. It is therefore difficult t...
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