iShares MSCI Japan Index (EWJ)
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- General Discussion on EWJ
- An ETF Portfolio of Olympian Proportions [view article]
- Goldman Forecasts Japanese Equity Recovery from Mid-2009 [view article]
- Expect a Half-Decade of Weak Growth - Barron's Interview [view article]
- Total Returns by Country Since March 2003 [view article]
- Global P&E Ratios and Dividend Yields [view article]
- What To Watch This Week for Six Country ETFs [view article]
- Checking In on the All-ETF Portfolio [view article]
- Friday Outlook: Commodities, Global Markets [view article]
- Thursday Outlook: Commodities, Emerging Markets [view article]
- Japan: Leading Indicator Drops Again; Machinery Orders Fall [view article]
- Global Stock Markets: Let the Gains Begin [view article]
- Global Market Snapshot [view article]
loading ...Recent EWJ Articles
- An ETF Portfolio of Olympian Proportions
- Asian Shares Down on Concerns About Credit Crunch
- Goldman Forecasts Japanese Equity Recovery from Mid-2009
- Nikkei Rallies, Faces Resistance in Anemic Trading
- Monday, August 25: Week in Review
- Total Returns by Country Since March 2003
- Expect a Half-Decade of Weak Growth - Barron's Interview
- What To Watch This Week for Six Country ETFs
- Japanese Economy Contracts in Q2 2008
- Global P&E Ratios and Dividend Yields
- Full List of Articles »
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ETF Industry Data Summary: 1H'08 [view article]
quick onceover suggests investors are getting more savvyin both diversification, including leveraged funds, bonds, etc
and intolerance to excessive costs (vanguard flies vs bgi, ssga, holdrs; or at fund level: e.g. vwo vs eem)
p.s. freudian slip?
"total ETF asses"?
(paragraph 2) Reply
Whiten
Reality Check for Japanese Commodity Price Estimates [view article]
A couple of points to remember about the Japanese oil industry.1) While Inpex forecasts assume a Brent benchmark oil price, the actual benchmark for Japan is Dubai crude. Relative Brent, Dubai crude averaged $118.90/bbl, for a discount to Brent crude of over $4/bbl.
2) In FY08, of the JPY233 bln increase in sales for Inpex, unit prices accounted for JPY216.6 bln, volume increases JPY48.6 bln and exchange rates (stronger yen) minus JPY31.0 bln. Every $1/bbl annual appreciation in Brent crude oil gives a JPY2.2 bln boost to the company's net income, while every JPY1 appreciation slices JPY2.2 bln off of earnings, i.e., a JPY1 appreciation and a $1/bbl Brent crude appreciation would be a wash.
3) Nominal earnings are also significantly affected by inventory gains/losses. Inpex uses lower of cost or market average, with cost being calculated by the moving average method.
Japanese oil firms are notoriously conservative about oil price projections, believing that low balling earnings and beating street expectations is better than high balling earnings, missing street expectations, and then getting beaten up by investors. Unlike European and US oil execs, the top guys do not get megabucks in total comp. In Inpex's case, 13 inside directors (management) got an average of JPY46 million/director, of $460,000 per director (including bonuses). Compare this, for example, to Donald Humpreys, CFO of Exxon Mobile, with 2007 comp and bonus of $2.689 mln and total stock option and other calculated comp of $9.1 million Reply
Reality Check for Japanese Commodity Price Estimates [view article]
...because when the Japanese oil execs annouce earnings, they can surprise to the upside with oil at $120+ instead of oil at $85, and rake big bonusses. ReplyAre Global Stock Markets Dancing to the Same Tune? [view article]
The ideas are vague and analysis superficial. The table doesn't show anything definitive; it is qualitative at best. Look, US down 13%, Brazil up 4 % in USD terms. Is this decoupled, or dancing to the same tune?There are statistical methods for calculating covariances and time lags. It is hard to tell a complex story with English verbage and tables. Reply
Are Global Stock Markets Dancing to the Same Tune? [view article]
The arguments against decoupling are usually made on very fuzzy terms. What is "decoupling"... It seems, using your reasoning above, that we should say--looking, for example, only at the US market--oil stocks are "coupled" with gold since they've been moving in positive correlation.But positive correlations are only normal in any integrated economy--whether national or international.
In any event, referring to your chart and the own terms of your argument, I'm not sure how strong your argument is for "coupling" when the range in YTD rates slides from -5.7 (Brazil) to -13.3 (DJIA) to -47.2 (Shanghai).
The fact that all stocks go down, says almost nothing about coupling. To get at the real issue, you have to look at economics which, as you seem to hint, points to the reality that real decoupling has taken place. Reply
Florida, CFA
Reality Check for Japanese Commodity Price Estimates [view article]
Thank you for these insights into METI's thinking.The Japanese oil industry seems to have some kind of collective disfunction on its thinking about oil prices. Both of the listed oil producers (Inpex 1605 and Japex 1662) have forecast their earnings this year on prices of $85/bbl and $80 /bbl, respectively, and neither have revised their earnings upward, despite the fact that oil has been above $120 for the entire reporting period (now in its fifth month). I wonder why Japanese oil industry leaders are making analyses so far away from the market price. Can they really hope to prove this is a temporary peak? Reply
ETF Global Update [view article]
i appreciate your wide ranging and useful report. thank you. ReplyETF Global Update [view article]
The 'solid' earnings reported by Wells Fargo are at least partially the result of accounting changes. Truly 'solid' earnings are not those produced by deferring losses. ReplyInternational ETF Update: Japan, China, Australia [view article]
The biggest problem we face in this country is ignorant idiots who can't spell "bigot." ReplyWednesday Outlook: Commodities, Emerging Markets [view article]
Gotta love Bunning...! ReplyInternational ETF Update: Japan, China, Australia [view article]
The biggest problem wwe face in this country is ignorant biggots like you. ReplyWednesday Outlook: Commodities, Emerging Markets [view article]
You PLUNKED them today Jim (Bunning)! Sonofabitch, how I HATED to see him pitch against my beloved YANKEES!Listen folks, just BUY GOLD AND SILVER, take PHYSICAL POSSESSION of those assets, and sit tight and wait. You will be in the catbird seat...like me! May God bless us all! Reply
Wednesday Outlook: Commodities, Emerging Markets [view article]
Thanks, Dave.Bush always sounds like he is reading a speech that someone else was supposed to deliver. I have never heard anyone I believed less. Does the guy really have any convictions of his own? Why does he bother?
We have had some foolish governments over the years, but this one is populated with a rare breed of incompetents. God help us Reply
Wednesday Outlook: Commodities, Emerging Markets [view article]
XLF chart was a chuckle....too bad you didn't have a vertically flipped answer key below it! ReplyWednesday Outlook: Commodities, Emerging Markets [view article]
Thanks for quoting the comments made by Senator Bunning. I too am from Kentucky, and he is absolutely correct in his analysis of the FED. We could lose our freedom if we cannot recover from this huge mess in a reasonable time period.By the way, have you heard from ProShares on the mechanics of how they do the double short? Reply