Japanese markets likely to remain low

With the Japanese government missing its best chance of resolving the banking sector difficulties, the probability of real change in Japan is less than ever. In a climate of policy paralysis and poor fundamentals, I think the market is likely to drift lower. However, the drift is unlikely to develop into a collapse unless there is some unexpected external crisis. The market is likely to drift lower with news of the government failing yet again to put an adequate reform programme together. Given that all previous valuation levels have been broken and uncertainty regard- ing...