This time recovery is no false dawn

After a long period of neglect, the Japanese stock market is once again on the radar screen of global investors. Merrill Lynch's July survey of fund managers' intentions shows Japanese equities have enjoyed a significant recent swing in their favour. Most strategists have reversed their previous underweight recommendations and now advocate an in-line or overweight stance. Global fund managers, for whom an underweight position on Japan was an easy call, have moved to close their negative bets. So, the stock market of the second largest economy in the world is back in vogue. But does this...