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iShares MSCI Japan Index ETF

6/18/2013, 4:58 PM ET

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Tuesday, June 18, 12:20 PM The speculative phase of the rally in Japanese stocks is over, says Deutsche, setting up the next leg which will require the participation of domestic investors. Yes, underweight global equity funds may help, but they've already boosted stakes and have just $2T in assets compared to $9T of Japanese household cash. DXJ +3.1%, EWJ +2.3%. 1 Comment [Global & FX]
Saturday, June 15, 10:48 AM Some color and context from Nomura's highly publicized Nikkei 18K call: The bank's strategists "do not brush off recent stock market turmoil lightly" and note that a close below Nikkei 12,362 may be particularly significant. The bank's forecast is based on the idea that earnings are recovering and global P/Es are expanding. Japanese stocks (EWJ, DXJ) are "once again trading at lower P/E ratios than U.S. stocks," the bank notes, adding that "if the average P/E ratio of U.S. stocks rises to 16x around H2 … Japanese stocks' P/E ratio could rise to 17x." 2 Comments [Global & FX]
Friday, June 14, 4:25 AM Asian stocks fall sharply and then recover some but not all of their losses a day or so later. That seems to have been a recurring pattern over the past few weeks since the great global sell-off began and the past couple of days have been no different. Shares bounced back today, helped by decent retail sales data in the U.S. yesterday and a report that the Fed's QE tapering will be so gentle you won't even feel it. Japan (DXJ) +1.9%, Hong Kong (EWH) +0.4%, China (FXI) +0.6%, India (INDY) +1.5%, Australia (EWA) +2%, Philippines (EPHE) +2.1%, Thailand (THD) +3.6%. 4 Comments [Global & FX, Top Stories, On the Move]
Thursday, June 13, 3:21 PM Abenomics and the direction of the yen get a lot of attention, says fund manager Rajiv Jain, but don't forget how dependent businesses are on China. He's having a hard time finding Japanese firms with sustainable growth. "These are some phenomenal companies there, but (we've found) better opportunities elsewhere." Artisian's Mark Yockey goes further: "Desperate people do desperate things, and Japan is in a desperate situation." 1 Comment [Global & FX]
Thursday, June 13, 11:07 AM Thumbing its nose at the recent collapse in the Nikkei, Nomura boosts its year-end target for the index to 18K from 16K. "The full impact of Abenomics on capex and household incomes has yet to be felt." Among the individual stocks set to benefit are Toyota (TM) and Honda (HMC). 2 Comments [Global & FX]
Thursday, June 13, 2:45 AM The Nikkei (NKY) takes yet another thrashing as uncertainty about the Fed's QE program continues to grip markets, plunging 6.4% to 12,445.38. That's the index's lowest level since April 3, the day before the Bank of Japan unveiled its turbo-charged stimulus plans. The Nikkei has plummeted almost 22% after hitting a multi-year high on May 23, officially putting it in a bear market. Comment! [Global & FX, Top Stories, On the Move]
Wednesday, June 12, 10:20 PM Stocks plunge in Tokyo as the Nikkei (EWJ, DXJ) tumbles 5.6% touching a two-month low of 12,543. The USD/JPY slides 1.4% at last check to ¥94.69 (FXY). 11 Comments [Global & FX, On the Move]
Wednesday, June 12, 4:14 AM Japanese shares (EWJ) have had another volatile day, falling as much as 2.4% before rebounding to close a mere -0.2%. European stocks (FEZ) have recovered a bit of poise after two days of declines, as has the dollar-yen rate (FXY), which is +0.75%. But the continuing theme of uncertainty about central bank stimulus is keeping markets on edge. Hong Kong and China closed. India -0.2%. EU Stoxx 50 +0.2%, London flat, Paris +0.2%, Frankfurt +0.1%, Madrid +0.65%, Milan +0.1%. 1 Comment [Top Stories, On the Move, Global & FX]
Tuesday, June 11, 2:55 PM The yen (FXY +2.9%) spikes higher, bringing dollar/yen back below ¥96 amid rumors of busted carry trades and hedge fund liquidations. Should today's move be sustained, it would be the largest single-day drop for the pair since the 2010 flash crash. BofA's MacNeil Curry suggests the next stop in ¥91. Japan stock ETFs take it hard: The iShares Japan Fund (EWJ -2%), WisdomTree's Hedged Equity Fund (DXJ -4.9%). 1 Comment [Global & FX]
Tuesday, June 11, 3:44 AM The Nikkei (EWJ) falls 1.4% and the USD-JPY (FXY) is -0.6% after the BOJ announced no new steps to curb the volatility in the bond market. Yields on Japanese 10-year bonds are up 3 bps to 0.88%. Real estate stocks were also hit by the BOJ not adding to its purchases of REITs. Hong Kong shares dropped 1.3% ahead of a holiday tomorrow and the re-opening of mainland Chinese exchanges on Thursday. India is -1.4%. Comment! [Global & FX, Top Stories, On the Move]
Monday, June 10, 3:56 AM The Nikkei (NKY) continued with its wild ways today, surging 4.9% after Japanese Q1 GDP growth was revised upwards, and U.S. jobs data came in just right (not too good, not too bad) and helped boost the dollar vs the yen. Hong Kong +0.2%, China closed, India +0.1%. USD-JPY (FXY) +0.9%. 2 Comments [Global & FX, Top Stories, On the Move]
Sunday, June 9, 9:58 PM Japan revises Q1 GDP up to 4.1% (annualized) from an initial reading of 3.5% sending the Nikkei (EWJ, DXJ) up 3% in early trading. Also helping Japanese stocks is the weak yen (FXY), down 0.4% against the dollar to ¥97.95. Meanwhile, the BOJ begins a two-day policy meeting. Goldman's advice: Initiate "long positions in Nikkei September futures with a target of 14,500 and a stop on a close below 12,700." For what it's worth. 6 Comments [Global & FX]
Friday, June 7, 7:14 AM Long Nikkei, short yen continues to unwind with investors in 2013's most popular trade all hitting the exit at the same time. The yen's up another 1.6%, with dollar/yen at ¥95.47 and erasing more than 2 months worth of gains in the last few sessions. FXY +1.3% premarket. The Nikkei tumbled another 1.8% overnight and has also erased 2 months worth of gains. DXJ -2.3% premarket. Earlier: Japan's government pension fund confirms it's cutting JGB exposure and increasing equity holdings. 1 Comment [Global & FX]
Friday, June 7, 4:08 AM Asian markets fall as investors position themselves for weak U.S. payroll figures today and for Chinese economic data over the weekend. Japanese shares (NKY) enjoy another roller coaster day but end a mere -0.2%, while the dollar-yen is -0.4% as the Japanese currency continues to strengthen. In China, stocks (FXI, CAF) drop for a seventh day in a row amid fears about economic growth and tightening liquidity, while Hong Kong's (EWH) fall of -1.3% puts it in and around correction territory. India +0.5%. 1 Comment [Global & FX, Top Stories, On the Move]
Thursday, June 6, 1:11 PM When crowded trades go bad: Investors don't wait until Tokyo to sell Japan - Nikkei futures tumble 3.5% as the yen flies higher, now at ¥96.76 and in two weeks erasing two months worth of gains in dollar/yen. The Nikkei has returned to its early April level as well. The unhedged EWJ falls 0.9%, while this year's hottest ETF, the hedged Japan fund (DXJ), slides 3%, now up only 16.5% YTD. 5 Comments [Global & FX]
Thursday, June 6, 3:37 AM The Nikkei (EWJ) swings between gains and losses before closing -0.8%, dragged down Wall Street's losses overnight in the wake of a weak ADP jobs print yesterday. The Nikkei has lost over 19% since hitting a 52-week high on May 23 - a drop of 20% would put the index in a technical bear market. Chinese shares decline for the sixth day in a row, hurt by fears about the economy. Hong Kong -0.8%, China -0.1%, India -0.2%. 2 Comments [Global & FX, Top Stories]

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