Azionario Japan hedgiato (1 Viewer)


Forumer storico
Sep 8, 2013 5:00 PM GMT+0200

Japanese shares are getting cheaper faster than any developed market as global investors regain faith in the world’s third-largest economy, with valuations declining even as the benchmark Topix index rallies.

The price-earnings ratio for the nation’s companies dropped to 14.3 times estimated profits from 17.1 at the start of 2013 because the Topix’s 34 percent surge, the biggest among 24 developed countries tracked by Bloomberg, has failed to keep up with analyst forecasts for 60 percent income growth. Nowhere have valuations contracted faster than in Japan. Multiples have increased in the U.S., France and the U.K.


“This time is for real,” Sergi Martin Amoros, who helps oversee $4 billion as chief executive officer of Credit Andorra Asset Management in Andorra, said in a Sept. 6 phone interview. “Their previous efforts were never accompanied by such a decisive monetary policy and the government’s willingness to commit to structural reforms is also something we haven’t seen before. This is the real one.”
Credit Andorra made its first Japanese investments in “many years” this quarter, he said


Stocks rallied last week, with the Topix climbing 3.8 percent to 1,147.82 for the biggest advance in two months. Sony Corp. and Honda Motor Co. (7267), companies that get more than 65 percent of sales outside Japan, surged more than 5 percent. The benchmark gauge for Japanese shares has gained 34 percent in 2013 and the 59 percent rise since November is the biggest advance in a quarter century.

“We’re positive on Japanese equities,” Stephen Corry, Hong Kong-based chief investment strategist at LGT Group, a private banking and asset-management firm that oversees about $115 billion, said in a phone interview Sept. 6. “We’ll continue to see more positive earnings revisions. Abe wants to leave a legacy in Japanese politics as the man who altered the economy and that’s encouraging.”
Foreigners speculating that Abe will succeed in stimulating economic growth and halting deflation have been pouring money into the Tokyo stock market. They added $93 billion to holdings this year, Finance Ministry data show.
Topix companies will earn a combined 80.48 yen a share this year, up from 50.29 yen in 2012 and 38.05 yen in 2011, when Japan had its biggest earthquake and nuclear disaster, according to more than 6,000 analyst estimates compiled by Bloomberg. Fifteen of 18 strategists surveyed by Bloomberg expect the gauge to rise by year-end, with the median forecast for a 11 percent increase to 1,270. Nomura Holdings Inc. is the most bullish, projecting a 31 percent jump to 1,500.
“Japanese stocks still have big upside,” said Miyuki Kashima, head of Japanese equity investment at BNY Mellon Asset Management Japan Ltd., which oversees about $13 billion. “The correlation with the currency will weaken and the market will become more linked to earnings, like it was in the past.”
The index’s ratio of 14.3 times estimated earnings compares with the average valuation of 28.7 over the last decade, based on historical earnings, data compiled by Bloomberg show.

The 2.8-percentage-point narrowing in the ratio comes as multiples expand in developed countries. In the U.S., where a four-year bull market lifted the Standard & Poor’s 500 Index (SPX) more than 145 percent to a record high, stocks trade for 15 times forecast 2013 earnings, up from 13.1 in January. Valuations have risen 17 percent to 12.9 for France’s CAC-40 Index and 13 percent to 12.8 in the U.K’s FTSE 100, according to data compiled by Bloomberg.

Optimism about Abe’s policies has prompted analysts to push profit projections up 16 percent in 2013, leaving them within 6 percent of their level in February 2007, the year before the collapse of Lehman Brothers Holdings Inc., when the Topix reached a 16-year high of 1,816.97. Even though more than $650 billion has been restored to Japanese share values since December, the gauge remains 37 percent below the 2007 level.


World Gaining Faith in Japan as Topix Index Gets Cheaper - Bloomberg

Dizionario Italiano-Inglese -


Forumer storico
09 settembre 2013

La Borsa di Tokyo ha chiuso oggi in forte rialzo. Il Nikkei ha guadagnato il 2,5% a 14.205,23 punti e il Topix il 2,2% a 1.173,00 punti.

Il Comitato Olimpico Internazionale ha assegnato le Olimpiadi del 2020 alla città di Tokyo. Gli investitori scommettono che l'importante evento sportivo darà degli ulteriori impulsi all'economia del Paese del Sol Levante. Il Governo giapponese ha intanto rivisto oggi al rialzo il dato sul PIL nel secondo trimestre da +2,6% a +3,8%.

Taisei , la compagnia che aveva costruito lo stadio olimpico di Tokyo nel 1964, guadagnato il 13,8%. Tra gli altri titoli del settore delle costruzioni Obayashi ha guadagnato il 7,2% e Shimizu l'8,5%.

Nel settore immobiliare, un altro beneficiario dei giochi olimipici, Mitsui Fudosan ha guadagnato il 6,4%, Mitsubishi Estate il 4,7% e Sumitomo Realty & Development il 4,7%.

Asics , un'azienda di articoli sportivi, ha chiuso in rialzo del 5,3%.

La Borsa di Tokyo chiude in forte rialzo su effetto Olimpiadi - 09 settembre, 2013


Forumer storico
Satoshi Kawano - Sep 30, 2013 9:11 AM GMT+0200

Japanese savers are poised to pump $690 billion into stocks to benefit from new tax breaks as the government tries to avert a retirement cash crunch in the nation with the world’s oldest population and lowest interest rates.

The Nippon Individual Savings Account program, which opens for applications tomorrow, will allow individuals to buy 1 million yen ($10,143) a year of risk assets that are exempt from taxes on dividends and capital gains for five years. The plan will draw as much as 68 trillion yen through 2018, with 65 percent of users pulling money out of bank deposits to purchase securities, estimates from Nomura Research Institute show.


apan’s government is encouraging citizens to switch money out of bank accounts that pay interest of 0.02 percent, not enough to fund retirement in a nation where 26 percent of the population is already 65 or older, according to data compiled by Bloomberg. Households held $8.5 trillion in deposits as of March, the most ever, central bank data show. Diverting some of that money into stocks, where the Topix index surged 39 percent this year, would help Prime Minister Shinzo Abe provide capital to spur growth in the world’s third-largest economy.
Equities made up just 7.9 percent of household assets as of March, compared with 34 percent in the U.S. and 15 percent in the euro zone, the most recent Bank of Japan data show. Domestic individual investors accounted for 28 percent of Japanese share trading in August, according to Tokyo’s bourse. While that’s up from 21 percent a year earlier, foreign buyers made up 63 percent.
Topix Surges
The Topix soared 65 percent since elections were announced in November that brought Abe to power. The gauge fell 1.9 percent to 1,194.10 today in Tokyo amid concern the U.S. government is set for a partial shutdown.
Japanese shares have risen more than any other developed market as record stimulus from the Bank of Japan improves the outlook for growth. Investments in the nation’s equity funds climbed by the most in May since the Investment Trusts Association started compiling such data in March 2010.
“The tax break could be a catalyst for a change in attitude toward investment, which is more necessary than ever given the aging society and expected inflation,” said Naoki Kamiyama, chief equity strategist at Bank of America Corp.’s Merrill Lynch unit in Tokyo. “Coupled with the government’s policies to get the country out of deflation, the program will promote the shift of people’s money to stocks.”


Nomura Sees Tax Breaks Driving $690 Billion Into Stocks - Bloomberg


Forumer storico
10 Oct 2013
a cura di Stefania Basso

Callander Managers focalizza l'attenzione sull'identificazione dei titoli che beneficeranno delle politiche di riforme strutturali e pro-crescita

Dopo cinque mesi consecutivi di rendimenti negativi, gli indici azionari giapponesi (sia il Nikkei sia il Topix) hanno realizzato una performance positiva nel mese di settembre. L'inizio del mese è stato influenzato positivamente dal mancato intervento militare in Siria e dal rinnovato indebolimento dello yen. In seguito, la decisione da parte del Comitato Olimpico Internazionale di nominare Tokyo come città vincitrice ad ospitare i giochi olimpici del 2020, e la revisione al rialzo del pil del secondo trimestre (aprile-giugno) hanno contribuito all'ascesa ulteriore del mercato. Il rally è stato inoltre sostenuto dall'annuncio della Fed di posticipare il tapering degli acquisti di asset e dalle previsioni di possibili cambiamenti favorevoli al regime fiscale delle imprese in Giappone. Alla data del 27 settembre l'indice Nikkei ha toccato 14.800 punti. Ma verso fine mese, gli eventi negativi esteri (in particolare le negoziazioni sul bilancio americano e la situazione politica italiana) sono tornati alla ribalta e i mercati sono stati caratterizzati dalla presa di profitto. Nel mese comunque tutti i 33 sotto-indici dell'industria nel Topix hanno realizzato buoni guadagni, guidati dai settori Altri Finanziari, Carta e Cellulosa.

L'incertezza legata agli scenari esteri perdurerà nel breve periodo secondo gli esperti di Callander Managers, che tengono sotto stretta osservazione il rischio al ribasso per l'economia americana a causa delle negoziazioni sul tetto del debito e il rischio di un'ulteriore volatilità degli asset rischiosi (in particolare i mercati emergenti) per l'orientamento delle aspettative del mercato sulle strategie di uscita dal QE3. Sul fronte interno, i fondamentali (il quadro macroeconomico del paese e le prospettive degli utili societari) rimangono positivi. Inoltre, le altre iniziative previste dalla politica Abenomics (“terza freccia”) e le strategie pro-crescita potrebbero generare un contesto favorevole all'andamento dei rendimenti dei listini. Anche la diminuzione delle incertezze a livello globale sarà di supporto al mercato.

In questo contesto, i guadagni saranno concentrati nel breve periodo e riguarderanno i titoli domestici che stanno iniziando a beneficiare della politica Abenomics (come le aziende immobiliari e quelle edilizie e i titoli growth che trarranno beneficio dalle iniziative della “terza freccia”). Quando le incertezze globali cominceranno a dissolversi, è prevista una ripresa dei titoli guidati dalla domanda estera.

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