Barrons reports that Asian mutual funds minted money in the fourth quarter as the dollar plunged at the end of 2004.
China funds, which were battered by questions about corporate governance following an accounting scandal at China Aviation Oil, rose 9% for the quarter, and 9.3% for the year. The average Japan fund advanced 11.3% in the quarter and 13.8% for all
of 2004. The average fund investing in Asia
outside Japan rose 14.1% and 16.5% in the respective periods, and
Pacific funds -- which can invest in Japan and its neighbors -- rose
13% and 16%.