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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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Monday, Aug 122013, 2:58 AM
Monday, Aug 122013, 2:58 AM| 1 Comment
- Capital expenditure unexpectedly fell for the sixth consecutive quarter, dropping 0.1% on quarter vs consensus of +0.7.
- Private consumption +0.8% vs forecasts of +0.5%, boosted by spending on food, travel and consumer electronics.
- External demand contributed 0.2 percentage point to growth and domestic demand 0.5 point.
- The worse-than-expected GDP has intensified the debate about a proposed increase in sales tax. "There is no need to raise the sales tax in a hurry," says Koichi Hamada, a key adviser to Prime Minister Shinzo Abe. Doing so "as scheduled might hurt the economy."
- ETFs - Stocks EWJ, NKY, EWV, EZJ, ITF, JSC, JPP, DXJ, SCJ, DFJ, FJP, JPNL, DXJS, JPNS. Bonds: JGBT, JGBL, JGBS, JGBD. Forex: FXY, JYN, YCL, YCS
Friday, Jul 262013, 7:43 AMThe yen (FXY) gains 0.7% - dollar yen falling to ¥98.59 - after Japanese inflation rose 0.4% in June, the sharpest rise since June 2008, fueling ideas the BOJ's stimulus "may be working," says Credit Agricole FX chief Yuji Salito. If it is working now, that means less of it in the future, and the Nikkei tumbles 3%. EWJ -1.6%, DXJ -1.8% premarket. |Friday, Jul 262013, 7:43 AM| 1 Comment
Tuesday, Jul 22013, 8:38 AMA big rip in dollar/yen sends that pair above ¥100 for the first time since the start of June. The bounce in dollar/yen - which fell as low as ¥94 mid-month - comes alongside a big rebound in the Nikkei, up about 16% from the June low. FXY -0.6%, EWJ +0.9%, DXJ +1.4% premarket. |Tuesday, Jul 22013, 8:38 AM| 1 Comment
Wednesday, Jun 262013, 10:02 AM
Monday, Jun 242013, 8:25 AMBOJ Deputy Governor Kikuo Iwata - a forceful proponent of monetary ease - says the bank has no plans to step in over temporary market turbulence and would only consider additional easing were there a long-term decline in price expectations. Remember the central bank drill: Talk tough, talk tough, cave. EWJ -3.4, DXJ -3.6% premarket. The yen (FXY) is weaker by 0.4%, dollar/yen at ¥98.22. |Monday, Jun 242013, 8:25 AM| Comment!
Tuesday, Jun 182013, 12:20 PMThe 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%. |Tuesday, Jun 182013, 12:20 PM| 1 Comment
Saturday, Jun 152013, 10:48 AMSome 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." |Saturday, Jun 152013, 10:48 AM| 2 Comments
Thursday, Jun 132013, 3:21 PMAbenomics 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." |Thursday, Jun 132013, 3:21 PM| 1 Comment
Thursday, Jun 132013, 11:07 AMThumbing 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). |Thursday, Jun 132013, 11:07 AM| 2 Comments
Wednesday, Jun 122013, 10:20 PM
Tuesday, Jun 112013, 2:55 PMThe 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%). |Tuesday, Jun 112013, 2:55 PM| 1 Comment
Sunday, Jun 92013, 9:58 PMJapan 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. |Sunday, Jun 92013, 9:58 PM| 6 Comments
Friday, Jun 72013, 7:14 AMLong 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. |Friday, Jun 72013, 7:14 AM| 1 Comment
Thursday, Jun 62013, 1:11 PMWhen 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. |Thursday, Jun 62013, 1:11 PM| 5 Comments
Wednesday, Jun 52013, 3:40 AMThe Nikkei (EWJ) drops sharply once again and takes other Asian bourses with it, with the fall this time because of disappointment with Shinzo Abe's "third arrow" of economic reform. The measures "aren't enough for Japan to achieve sustained economic growth and overcome deflation," says economist Hisashi Yamada, especially as the labor-market reforms don't go far enough. There's also disappointment that Abe isn't proposing to cut corporate taxes, which are amongst the highest in the OECD. Japan -3.8%, Hong Kong -1.1%, China -0.1%, India flat. |Wednesday, Jun 52013, 3:40 AM| 1 Comment
Tuesday, Jun 42013, 4:36 PM"This is not a good time to be exiting the Nikkei (EWJ, DXJ)," says Jeff Gundlach in a presentation (webcast) titled "What in the world is going on?" Markets don't rally like that to be immediately followed by a "monster collapse," he adds. He'd prefer to buy below 13K (closed last night at 13.5K), but the his bull thesis remains intact and he wouldn't be a seller here. |Tuesday, Jun 42013, 4:36 PM| Comment!