Property and retail promising long-term bets

Investors waiting for the Japanese economic sunrise have needed to be patient. The dark days of recession might be over, but with capital spending in decline and private consumption weak in Japan, the sunlit uplands seem some distance away. Yet, for those who look closely, change is happening. Slowly, the mindset of corporate executives is becoming more aligned with the desires of investors. Companies are returning cash to shareholders in the form of dividends and share buy-backs, and the level of merger and acquisition activity is growing. Hostile take-overs are starting to appear, and p...