Japanese stock market shows resilience

By Paul Chesson, manager of the Invesco Perpetual Japan Fund The Japanese stock market has performed relatively well over the past year. In US dollar terms, the MSCI World Index fell by 18% in the year ending 31 July, while the MSCI Japan Index rose by 1%. Given current concerns about the sustainability of growth in the US, it is perhaps surprising that Japan's stock market has shown so much resilience. Historically, Japan has depended quite heavily on the US as a home for its exports. There are however good reasons for the market's relative success. The first of these i...