Weekly Thoughts

Besides less than a handful of Asian technology names which we continue to like, namely TSMC which has topped our buy list since May of last year, we have become increasingly concerned …

For Japan stock market participants, the big rally which have pushed key market indices close to their 1989 highs could not have provided a better start to 2024. Japan has become overseas…

Looking back at our last year’s predictions, the calls turned out to be a mixed bag. Although we correctly predicted that China will disappoint bullish market expectations at the time, our calls for…

The Federal Reserve’s surprise guidance for looser monetary policy sometime next year seemed partly intended for the US central bank to regain some control of the narrative as the market had already…

The yen’s most recent snap-back seem to have Japan equity analysts, especially those covering multinationals and exporters, hurrying back to their earnings models to adjust their estimated forex benefits in their forecasts…

Despite most recent headwinds from stronger yen on shares of exporters, the Topix has generally held on to its November gains, closely following the US market’s broader melt-up on a sudden shift…

In Japan, larger cap growth stocks have rebounded strongly following their US counterparts based on the view that US rates have peaked and we might see rate cuts sometime next term. Indeed,…

Japan’s corporate earnings season certainly proved eventful, however, surprises were skewed to the downside as we had anticipated. Momentum in share buybacks remained healthy enough but what was notable this season was…

With the Nikkei falling towards its 200 day moving average following the faltering tech heavy Nasdaq, it seems to us that some pedestrian global investors who piled into Japan earlier this year…

The key question we have wrestled with this year regarding our own market has been whether the secular rally in the Japanese equity universe, particularly in names trading below book and with…