Cazenove Japan is underweight banks

By Jane Wallace Cazenove is overweighting the communications and service sectors in its Japanese fund The portfolio is also underweight electronics and transport equipment ­ the main exporting industries ­ on concerns over the strength of the yen Simon Somerville, director at Cazenove Investment Fund Management, said: "The yen is the biggest risk to the recovery story. The Japanese economy is now recovering, and so there are many foreign investors buying the yen and it is strengthening "In my view, the yen will get stronger until there is a concerted intervention by the Bank of Japan, w...