Stockpicking identifies opportunities

"Where has it all gone wrong?" might be the premature conclusion to what's happening in Japan. After rising a scintillating 80% last year, the Topix is off 5% this year; the economy is faltering and rises in interest rates may result in a further wave of bankruptcies. It's worth going over why Japan's market became so hot. Western companies like Nissan, Cable & Wireless, and Merrill Lynch appeared to be in the vanguard of Japan's transformation, with autos, telecoms and financial services, in that order, set for restructuring. Another factor was the rise of technology. Japan saw tech a...