- Not everyone is spooked by the selloff in Japanese equities; with improvement in the economy and rising profits from companies including Panasonic, Toyota, Honda and Hitachi, efforts by Prime Minister Abe to kick-start growth after a long period of deflation are starting to pay off, Japan bulls say.
- But currency moves overwhelm everything else and are seldom driven solely by domestic factors; the yen has been pushed up as part of a risk-off move as managers attempted to repatriate their money out of emerging markets.
- Yet FT's John Authers says the possibility that the turbulence will create some bargains is growing, noting that Japan is the only country in the world where earnings momentum is positive - where a majority of companies are revising forecasts up rather than down.
- Japanese banks and insurers, long out of favor, look especially cheap and earnings momentum looks extremely positive, Authers says.
- ETFs: DXJ, EWJ, DFJ, DBJP, NKY, EZJ, EWV, SCJ, DXJS, JSC, ITF, JPNL, JPP, JPNS, FJP
FT: Japan's YTD drop not yet a buy signal, but bargains near in some sectors
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