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Economists have been saying for the last few years that Japan has been stagnating, and many of those economists believe that the United States is turning into another Japan. But maybe, just maybe, there may be a turn-around in the 'Land of the Rising Sun'. After all, the iShares MSCI Japan Index (NYSEARCA:EWJ) is up 20.8% since July 1 of last year.

Japan has the third largest economy in the world based on gross domestic product for purchasing power parity and nominal GDP. Three quarters of the GDP comes from the service sector. The country's unemployment rate is 5.1%. The Tokyo Stock Exchange is the largest exchange in the world outside of the United States. There are over 15 different Japanese companies that trade on American stock exchanges, according to WallStreetNewsNetwork.com.

The Tokyo based Canon Inc. (NYSE:CAJ), the popular manufacturer of copying machines, laser printers, inkjet printers, and cameras, pays a decent 2.3% yield and trades at 19 times forward earnings. The price earnings growth ratio is a very reasonable 0.96. Earnings for the quarter ending September 30 were up an astounding 85.6% on a 17.9% rise in revenues. The company reports earnings on January 27.

Toyota Motor Corp. (NYSE:TM) is another Japanese dividend payer, yielding 1.1%. This manufacturer of cars, minivans, SUVs, and trucks has a forward price to earnings ratio of 20.7. Earnings for the latest quarter ending September 30 were up an incredible 352%, with sales increasing by 5.8%. Toyota reports February 4.

For a free list of Japan based stocks, which can be downloaded, sorted, and updated, go to WallStreetNewsNetwork.com.

Disclosure: Author didn't own any of the above at the time the article was written.

Source: 2 Top Yielding Japanese Dividend Stocks