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SPDR Russell/Nomura PRIME Japan ETF (JPP)

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  • Nov. 18, 2014, 5:29 AM
    | 2 Comments
  • Nov. 18, 2014, 4:45 AM
    • Japan's Shinzo Abe will hold a press conference at 5:10 ET, the government announced, fueling further speculation of a snap election and a delay to a second sales tax hike currently scheduled for next October.
    • Nikkei newspaper reported earlier today that Abe was expected to seek an 18-month delay to the tax hike.
    • The news was enough to pump stocks in Tokyo, which rebounded from their biggest one-day rout this year. The Nikkei benchmark closed up 2.2% at 17,344.06, after falling 3%, or 517.03 points, in the previous session.
    • ETFs: DXJ, EWJ, DFJ, NKY, DBJP, EZJ, EWV, DXJS, JPNL, SCJ, JSC, ITF, JPP, JPNS, HEWJ, FJP, QJPN, JPMV, DXJT, DXJH, DXJR, DXJF, DXJC
    | 2 Comments
  • Nov. 17, 2014, 3:58 PM
    • "The argument that tax hikes cause recessions is becoming more difficult to refute," says Wells Fargo, dissecting Japan's slip back into an official recession in Q3 (following a big boost in the sales tax on April 1). "In our view, next year's tax hike is at least postponed and Abenomics in general is losing traction."
    • The bank does note it was an inventory swing which was responsible for much of the decline in Q3 GDP as there were gains in consumer spending and net exports, but business fixed investment also fell during the quarter.
    • Previously (along with the IMF and OECD) a supporter of another sales tax hike in October 2015, the team at Wells says it could be politically untenable at this point.
    • ETFs: DXJ, EWJ, FXY, YCS, JYN, NKY, DBJP, EZJ, EWV, YCL, JPNL, ITF, JPP, JPNS, HEWJ, FJP
    • Previously: Surprise contraction in Japanese GDP
    | Comment!
  • Nov. 17, 2014, 3:19 AM
    • The Nikkei Stock Average posted its biggest one-day drop since August after Q3 GDP data showed that Japan had slipped into recession.
    • Following a severe contraction in Q2, GDP fell at an annualized 1.6% pace in the July-September quarter, setting the stage for Prime Minister Shinzo Abe to delay an unpopular sales tax hike and call a snap election.
    • The Nikkei, which previously surged to seven-year highs following the BOJ’s stimulus measures, closed down 3% at 16,973.80 on the news.
    • ETFs: DXJ, EWJ, DFJ, NKY, DBJP, EZJ, EWV, DXJS, JPNL, SCJ, JSC, ITF, JPP, JPNS, HEWJ, FJP, QJPN, JPMV, DXJT, DXJH, DXJR, DXJF, DXJC
    | 3 Comments
  • Nov. 16, 2014, 8:06 PM
    • Real GDP shrank 1.6% on an annualized basis in Q3, confounding forecasts for a 2.25% expansion - in fact, none of the economists surveyed had expected a negative print. It's the 2nd consecutive quarter of contraction - GDP fell 7.3% in Q2 following a 300 basis points boost in the sales tax which took effect on April 1.
    • The Nikkei has knee-jerked lower by 1.4% in response to the slow number, but there could be a positive spin to the news - Prime Minister Abe has said the Q3 GDP print would play a large role in whether he decides to postpone the next boost in the sales tax currently scheduled for October 2015.
    • The yen is marginally stronger vs. the dollar, which currently is buying ¥116.22.
    • ETFs: DXJ, EWJ, FXY, YCS, JYN, NKY, DBJP, EZJ, EWV, YCL, JPNL, ITF, JPP, JPNS, HEWJ, FJP
    | 25 Comments
  • Nov. 13, 2014, 4:07 AM
    • Prime Minister Shinzo Abe appears to have decided to call an early election, reported the Jiji news agency quoting Tadamori Oshima, a former deputy chief of the ruling Liberal Democratic Party.
    • The news was enough to send Japanese stocks to fresh seven-year highs again today, with the Nikkei closing up 1.1% at 17,392.79.
    • Japanese media have been speculating that Abe could call for a snap election as early as next week, with the actual voting to be held next month.
    • ETFs: DXJ, EWJ, DFJ, NKY, DBJP, EZJ, EWV, JPNL, DXJS, SCJ, JSC, ITF, JPP, JPNS, HEWJ, FJP, QJPN, JPMV, DXJT, DXJH, DXJR, DXJF, DXJC
    | 1 Comment
  • Nov. 12, 2014, 4:21 AM
    • Japanese stocks scaled seven-year highs today on further speculation that Prime Minister Shinzo Abe will postpone a planned sales tax hike and call a general election for December.
    • The Sankei newspaper reported that Abe would delay the sales tax increase by a year and a half to April 2017.
    • The yen, which has remained under pressure for nearly two years due to the BOJ's aggressive stimulus spending, is up against the greenback, which is trading at 115.30 yen, down 0.4% on the day after marking a seven-year high of 116.11 yen yesterday.
    • ETFs: DXJ, EWJ, DFJ, NKY, DBJP, EZJ, EWV, JPNL, DXJS, SCJ, JSC, ITF, JPP, JPNS, HEWJ, FJP, QJPN, JPMV, DXJT, DXJH, DXJR, DXJF, DXJC
    | Comment!
  • Nov. 11, 2014, 3:49 AM
    • Reports stating that Japanese Prime Minister Shinzo Abe is likely to delay a planned sales tax increase drove Japanese stocks up this morning, boosting the Nikkei share average 2.1% to 17,124, its highest close since October 2007.
    • Abe raised the tax to 8% from 5% in April, sending the world's third-biggest economy into its deepest contraction since the global financial crisis.
    • Local media reported that Abe might call a snap election before the end of the year if he decides to delay the planned hike slated for next October.
    • ETFs: DXJ, EWJ, DFJ, NKY, DBJP, EZJ, EWV, JPNL, DXJS, SCJ, JSC, ITF, JPP, JPNS, HEWJ, FJP, QJPN, JPMV, DXJT, DXJH, DXJR, DXJF, DXJC
    | 5 Comments
  • Nov. 4, 2014, 3:26 AM
    • Japan's Nikkei share average hit a seven-year high this morning as investors gave a thumbs up to the BOJ's plans to step up monetary easing and the national pension fund's pledge to decant more of its ¥127T ($1.1T) assets into domestic stocks.
    • The Nikkei jumped just over 4% in the morning session, pushing through the 17,000 barrier for the first time in seven years, and closed up 2.7% at 16,862.47, as investors had the first chance to respond to the unexpected policy actions on Friday.
    • Markets in Japan were shut yesterday for a public holiday.
    • The broader Topix added 2.6% to close at 1,368.65, while the JPX-Nikkei Index 400 gained 2.8%, closing at 12,507.72.
    • ETFs: DXJ, EWJ, DFJ, NKY, DBJP, EZJ, EWV, DXJS, JPNL, SCJ, JSC, ITF, JPP, JPNS, HEWJ, FJP, QJPN, JPMV, DXJT, DXJH, DXJR, DXJF, DXJC
    | Comment!
  • Oct. 31, 2014, 2:24 AM
    • Japan's Nikkei soared to a seven-year high and the yen tumbled to its lowest since early 2008 against the dollar this morning, as the Bank of Japan unexpectedly eased monetary policy due to concerns that a decline in oil prices would weigh on consumer prices and delay a shift in sentiment away from deflation.
    • The BOJ decided to raise its monetary base target to an annual increase of ¥80T yen ($724.5B), from ¥60T-70T.
    • The Nikkei surged 5.1% to 16,462, its highest since November 2007, while the dollar is up 1.5% to ¥110.84, its highest since January 2008.
    • ETFs: DXJ, EWJ, JGBS, DFJ, JGBD, NKY, DBJP, EZJ, EWV, JPNL, DXJS, SCJ, ITF, JSC, JGBL, JPP, JGBT, JPNS, HEWJ, JGBB, FJP, QJPN, JPMV, DXJT, DXJR, DXJH, DXJC, DXJF
    | 21 Comments
  • Oct. 30, 2014, 3:19 PM
    • The Japanese Government Pension Investment Fund is the world's largest pension fund with more than $1T in assets. It's no secret the fund's managers are planning to cut holdings of JGBs and boost allocations to domestic equities (among other assets), but the question is how much.
    • Expectations are for the GPIF to cut its JGB weighting to 40%, but chatter today says the fund plans to go as low as 25%, while ramping its Japanese stock holdings all the way to 25%.
    • Reuters reported yesterday that the GPIF hasn't waited for its review to be completed and has already cut JGB holdings down to just over half the portfolio, but it's not immediately clear where the fund has reallocated that money.
    • EWJ +0.9%, DXJ +1.1%
    • ETFs: DXJ, EWJ, DFJ, NKY, DBJP, EZJ, EWV, JPNL, DXJS, SCJ, JSC, ITF, JPP, JPNS, HEWJ, FJP, QJPN, JPMV, DXJT, DXJH, DXJR, DXJF, DXJC
    | 1 Comment
  • Oct. 23, 2014, 2:15 AM
    • The IMF is urging Japan to go ahead with its second tax hike next year in order to maintain credibility of its fiscal framework.
    • Japan's national sales tax rose to 8% from 5% in April and the government is due to decide by year-end whether to proceed with a second tax increase to 10%.
    • The IMF expects Japan's economy to grow by an annualized 3.4% in July-September, rebounding from its deepest slump since the 2009 global financial crisis last quarter following April's tax hike.
    • ETFs: DXJ, EWJ, DFJ, NKY, DBJP, EZJ, EWV, DXJS, SCJ, JPNL, JSC, ITF, JPP, JPNS, HEWJ, FJP, QJPN, JPMV, DXJT, DXJH, DXJR, DXJF, DXJC
    | 3 Comments
  • Oct. 21, 2014, 6:08 AM
    • Key quotes from CAO report:
    • "Industrial production is decreasing recently."
    • "Private consumption appears to be pausing recently."
    • "Business investment shows some weak movements recently, while it is on the increase."
    • "Although weakness remains for the time being, the economy is expected to recover, supported by the effects of the policies, while employment and income situation improve. However, attention should be given to the downside risks of the Japanese economy such as lengthening of the reaction after a last-minute rise in demand and slowing down of overseas economies."
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, DFJ, JGBD, JYN, NKY, DBJP, EZJ, EWV, YCL, DXJS, SCJ, JPNL, JSC, ITF, JGBL, JPP, JGBT, JPNS, HEWJ, JGBB, FJP, QJPN, JPMV, DXJT, DXJR, DXJH, DXJF, DXJC
    | 1 Comment
  • Oct. 20, 2014, 8:20 AM
    • The Nikkei has slumped alongside Western markets over the past few weeks - down more than 10% - but gained 4% overnight following Friday's big rally in the States.
    • Also at work is a published report saying Japan's $1.2T Government Pension Investment Fund (GPIF) will boost its allocation target for domestic shares to about 25% from 12%. Foreign holdings of stocks and bonds will be lifted to a combined 30% from 23%, while holdings in JGBs will be cut to 40% from 60%.
    • The GPIF has been expected to announce a higher domestic stock target, but the 25% figure is likely toward the top end - if not exceeding - of market expectations.
    • EWJ +2% premarket
    • ETFs: DXJ, EWJ, DFJ, NKY, DBJP, EZJ, EWV, DXJS, SCJ, JPNL, JSC, ITF, JPP, JPNS, HEWJ, FJP, QJPN, JPMV, DXJT, DXJH, DXJR, DXJF, DXJC
    | Comment!
  • Oct. 17, 2014, 3:41 AM
    • Asian stocks trade mixed as a 14-year low in U.S. weekly jobless claims and talk of the Fed possibly extending QE helps provide balance to concerns about a possible recession and deflation in Europe, the Ebola scare, China's slowdown, and Japan's floundering economy.
    • The Nikkei closes -1.4% while Japanese bond prices rise, with the two-year yield dropping 3.6 bps to a record low of 0.005%.
    • "We need to see a period of better data from the U.S., and especially Europe, for markets to really calm and volatility to cool," says market strategist Chris Weston.
    • Nymex crude is +0.2% to $82.86 and Brent is +0.1% to $85.89, but the latter is still headed for a fourth consecutive weekly loss.
    • Hong Kong +0.4%, China -0.65%, India +0.25%.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, DFJ, JGBD, JYN, NKY, DBJP, EZJ, EWV, YCL, DXJS, SCJ, JPNL, JSC, ITF, JGBL, JPP, JGBT, JPNS, HEWJ, JGBB, FJP, QJPN, JPMV, DXJT, DXJR, DXJH, DXJF, DXJC
    | Comment!
  • Oct. 14, 2014, 2:58 AM
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JPP Description
The SPDR® Russell/Nomura PRIME™ Japan ETF, before expenses, seeks to closely match the returns and characteristics of the total return performance of the Russell/Nomura Prime Index, an equity index based upon the Japanese composite market. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.
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