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SPDR Russell/Nomura Small Cap Japan ETF (JSC)

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  • May 22, 2014, 8:28 AM
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  • May 21, 2014, 2:31 AM
    • As expected, the Bank of Japan has left its key interest rate at 0.1% and maintained its program of expanding the monetary base by ¥60-70T ($580-680B) a year.
    • Meanwhile, Japan's trade deficit narrowed to ¥844.62B in April from ¥1.63T in March.
    • Export growth strengthened to 5.1% from 1.8% and topped consensus of 4.8%.
    • Imports slowed to +3.4% from +18.1% and exceeded forecasts of +0.8%. The high increase in March was due to a last-minute shopping spree before the sales tax increased on April 1.
    • Exports have disappointed over the past year or so despite the weak yen, prompting fears for Japan's economic recovery and sparking increased speculation that the BOJ might add to its massive asset-buying policy.
    • "We have to wait for exports to recover strongly before we will see a real drop in the trade deficit and that situation is still way out of sight," says economist Yoshiki Shinke.
    • The USD-JPY is -0.15% at ¥101.18, while the Nikkei is -0.2%.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, JYN, NKY, DBJP, EZJ, EWV, YCL, SCJ, DXJS, JPNL, JSC, ITF, JGBL, JPP, JGBT, JPNS, HEWJ, JGBB, FJP, DXJH, DXJT, DXJC, DXJR, DXJF
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  • May 19, 2014, 3:50 AM
    • Japanese machinery orders, a leading indicator of capital expenditure, have grown at the fastest rate since 1996, surging 19.1% on month in March after slumping 4.6% in February and slaying expectations for a rise of 6%.
    • On year, bookings +16.1% vs +10.8% and consensus of +4.2%.
    • While the jump in orders came before a hike in sales tax on April 1, companies expect bookings to grow 0.4% on quarter in Q2 for the fifth consecutive gain.
    • "The recovery in business investment remains on track," says economist Marcel Thieliant. "The rising level of capacity usage also suggests that companies will continue to invest in machinery and equipment, despite the likely plunge in aggregate demand this quarter after the consumption tax hike."
    • Despite the blow-out data, the Nikkei ends -0.6%, while the USD-JPY is -0.2% at ¥101.36. (PR)
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, JYN, NKY, DBJP, EZJ, EWV, YCL, SCJ, DXJS, JPNL, JSC, ITF, JGBL, JPP, JGBT, JPNS, HEWJ, JGBB, FJP, DXJH, DXJT, DXJC, DXJR, DXJF
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  • May 7, 2014, 7:39 AM
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  • May 2, 2014, 3:53 AM
    • Japan's unemployment rate held steady at 3.6% in March, as expected (PR)
    • Overall household spending jumped 7.2% on year after dropping 2.5% in February and blew past consensus of +1%. The likelihood is that consumers rushed to make purchases before a hike in sales tax to 8% from 5% went into effect on April 1. (PR)
    • The impact of the tax rise may not be as strong as feared, as auto makers and major department-stores yesterday reported smaller-than-expected declines in April sales.
    • The Nikkei is +0.6%, while the USD-JPY is +0.15 at ¥102.48.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, NKY, JYN, DBJP, EZJ, EWV, YCL, SCJ, DXJS, JPNL, JSC, ITF, JGBL, JPP, JGBT, JPNS, JGBB, HEWJ, FJP, DXJH, DXJT, DXJC, DXJR, DXJF
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  • Apr. 28, 2014, 2:18 AM
    • Japanese retail sales jumped at the fastest level in 17 years in March, climbing an expected 11% on year after growing 3.6% in February.
    • On month, sales soared 16.1% vs +1.3%.
    • The reason for the large gain is that consumers rushed to purchase goods before a rise in sales tax to 8% from 5% went into effect on April 1. The upshot is that sales are expected to fall this month but then recover in May.
    • The Nikkei is -1.05%, while the USD-JPY is +0.05% at ¥102.25.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, NKY, JYN, DBJP, EZJ, EWV, YCL, DXJS, SCJ, JPNL, JSC, ITF, JGBL, JPP, JGBT, JPNS, JGBB, HEWJ, FJP
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  • Apr. 25, 2014, 2:25 AM
    • Japanese core inflation, which excludes fresh food prices, held steady at 1.3% on year in March but came in below consensus of 1.4%.
    • Core core CPI, which excludes fresh food and energy, slipped to +0.7% from +0.8% in February.
    • Overall inflation increased to 1.6% from 1.5%.
    • Tokyo CPI surged to +2.9% in April from +1.3% in March and core inflation to 2.7% from 1% for the biggest rise since 1992, boosted by the hike in sales tax at the start of the month. Excluding that increase, prices rose just 1%, as in March.
    • The question is whether the Bank of Japan's attempt to push inflation to 2% by 2015 has stalled despite the BOJ's massive bond-buying. If so, the bank might feel the need to increase its asset purchases. (PR)
    • BOJ officials are increasingly concerned that the domestic bond market isn't reflecting how inflation has risen over the past year or so, Bloomberg reports. That raises the risk that yields could suddenly surge. The problem for the BOJ is that yields have stayed low because of its QE program.
    • Meanwhile, President Barack Obama has ended a three-day trip to Japan without sealing a trade deal that's seen as key to the wider 12-nation Trans-Pacific Partnership. While the U.S. and Japan have made a breakthrough on market access, gaps remain.
    • The Nikkei is +0.2% and the USD-JPY is flat at ¥102.33.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, NKY, JYN, DBJP, EZJ, EWV, YCL, SCJ, DXJS, JPNL, JSC, ITF, JGBL, JPP, JGBT, JPNS, JGBB, HEWJ, FJP
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  • Apr. 22, 2014, 4:06 AM
    • Japan has overhauled the investment committee of its $1.26T Government Pension Investment Fund (GPIF), the world's largest pension fund.
    • Prime Minister Shinzo Abe wants the GPIF to improve returns by making higher-risk investments and reducing its reliance on low-yielding government bonds.
    • Citigroup believes that the Bank of Japan could increase its bond-buying to offset reduced JGB purchases by the GPIF.
    • The revamp is part of Abe's "third arrow" of his strategy to reform the economy and lift Japan out of deflation.
    • Because of its mammoth size, the GPIF is closely watched as a bellwether for Japan's institutional investors. Last June, it increased its weighting of domestic stocks and lowered that for Japanese bonds.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, NKY, JYN, DBJP, EZJ, EWV, YCL, SCJ, DXJS, JPNL, JSC, ITF, JGBL, JPP, JGBT, JPNS, JGBB, HEWJ, FJP
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  • Apr. 11, 2014, 7:40 AM
    • Buy the dip? Last night's 2.4% dive brought the Nikkei lower by about 7% for the week - it's worst 5-day stretch since the 2011 earthquake and tsunami. The index is now off about 14% YTD.
    • Maybe not helping is April 1's boost in the sales tax to 8% from 5%. The last previous sale tax boost in 1997 proved to be a rally-killer. "2014 is not 1997," says JPMorgan's Jesper Koll. "The probability of success is better than ever." We shall see.
    • ETFs: DXJ, EWJ, DFJ, NKY, DBJP, EZJ, EWV, DXJS, SCJ, JPNL, ITF, JSC, JPP, JPNS, HEWJ, FJP
    | 2 Comments
  • Apr. 8, 2014, 2:42 AM
    • As expected, the Bank of Japan has left its key interest rate at 0.1% and maintained its program of expanding the monetary base by ¥60-70T ($580-680B) a year.
    • The BOJ refrained from further easing and maintained its optimism about the economy despite concerns about the impact of a rise in sales tax that took effect last week.
    • The "economy is continuing to recover moderately...albeit with some fluctuations due to the consumption tax hike," the bank said.
    • Japan's current account swung back to a surplus for the first time in five months in February, with the number coming in at ¥612.7B from a record deficit of ¥1.59T in January, although the surplus was lower than consensus of ¥628B. There have been fears that the deficit could become permanent, which could weaken confidence in Japan's massive debt.
    • The Nikkei closes -1.4%, while the USD-JPY is -0.3% at ¥102.80. (PR)
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, JYN, NKY, DBJP, EZJ, EWV, YCL, SCJ, DXJS, JSC, ITF, JGBL, JPP, JPNL, JGBT, JPNS, FJP, JGBB
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  • Mar. 27, 2014, 4:53 AM
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  • Mar. 11, 2014, 2:44 AM
    • As expected, the Bank of Japan has left its key interest rate at 0.1% and maintained its program of expanding the monetary base by ¥60-70T a year.
    • The BOJ upgraded its assessment of industrial output and investment but cut its analysis for exports.
    • In a related development, Japanese machine tool orders, a leading indicator of capex, climbed 26% on year in February, although that was down from +40.3% in January.
    • The bank's latest policy decision comes ahead of a rise in sales tax next month that is expected to drag on the economy.
    • The Nikkei is +0.7%, while the USD-JPY is flat at ¥103.31. (BOJ Statement)
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, JYN, NKY, DBJP, EZJ, EWV, YCL, SCJ, JGBL, JSC, JPP, ITF, DXJS, JGBT, JPNL, JPNS, FJP
    | 1 Comment
  • Mar. 10, 2014, 2:36 AM
    • Japan has revised down its Q4 GDP growth calculation to 0.2% from an initial 0.3%, with the economy held back by weaker-than-estimated capex and consumer spending.
    • Annualized GDP was +0.7% vs +1%. (PR)
    • The current-account deficit increased to a record ¥1.59T ($15.4B) in January from ¥638.6B in December. (PR)
    • "Capital spending remains weak and exports are not coming back to strengthen the recovery, and without support in these areas, Japan's economy is going to contract significantly in the second quarter," says economist Yoshimasa Maruyama. "The negative effect from the (upcoming) sales tax rise could be worse than the BOJ and government expect."
    • The Nikkei is -0.9%, while the USJ-JPY is -0.1% to ¥103.12.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, JYN, NKY, DBJP, EZJ, EWV, YCL, SCJ, DXJS, JPNL, ITF, JSC, JGBL, JPP, JGBT, JPNS, HEWJ, JGBB, FJP
    | 3 Comments
  • Mar. 4, 2014, 3:58 AM
    • Japanese wages have risen for the first time in almost two years, with base pay inching up 0.1% on year in January, although overall pay dropped 0.2%.
    • Still, the increase in base pay should be encouraging for a government that has been exhorting companies to increase wages as part of the battle against deflation.
    • The figures come as business and union leaders negotiate salaries for the next fiscal year.
    • The Nikkei closes +0.4%, while the USD-JPY is +0.4% at ¥101.82.
    • ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, JYN, NKY, DBJP, EZJ, EWV, YCL, SCJ, DXJS, JPNL, JSC, ITF, JGBL, JPP, JGBT, JPNS, HEWJ, JGBB, FJP
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  • Feb. 28, 2014, 3:00 AM
    • Japanese industrial production grew at the fastest pace since June 2011 in January, jumping 4% on month after a drop of 0.9% in December and surpassing consensus of +3%. Soaring production of transport equipment and machinery helped to boost output
    • Construction orders surged 15.2% on year vs +4.9% previously.
    • Retail sales leapt 4.4% vs +2.5% in December and expectations of +3.8%. On month, sales +1.4% vs -1.2% previously.
    • Overall household spending +1.1% vs +0.7% prior and forecasts of +0.2%.
    • The strong figures are not a total surprise, as a bump in economic activity has been expected ahead of a rise in sales tax in April, which is forecast to then drag on the economy.
    • Meanwhile, core inflation, which excludes food prices, held steady at 1.3% on year in January, above consensus of 1.2%.
    • Core core CPI, which excludes food and energy, stayed at a 16-year peak of 0.7%.
    • Overall inflation slipped to 1.4% from 1.6% in December.
    • The unemployment rate stayed at 3.7%, as expected, although the number of open positions increased to 1.04 for every person seeking work, the most since August 2007.
    • The Nikkei falls 0.55%, while the USD-JPY is -0.4% at ¥101.70.
    • ETFs: DXJ, EWJ, FXY, YCS, DFJ, JYN, DBJP, NKY, EZJ, EWV, YCL, SCJ, DXJS, JSC, ITF, JPP, JPNL, JPNS, FJP
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  • Feb. 21, 2014, 7:36 AM
    • Up 2.3% overnight, Japan's Topix reversed a 3% drop the night before, and capped its biggest weekly rally since November, up 3.3%.
    • The Nikkei gained 2.9% last night. DXJ +1.1% premarket
    • ¥2.6T in QE later, William Pesak notes one year of aggressive monetary ease has failed to lift living standards, nor has it convinced companies to boost paychecks. The only inflation Japan is feeling is the kind no one likes: Higher energy prices.
    • BOJ Governor Kuroda's main achievement this year, argues Pesak, is to settle once and for al that the country's problem isn't the amount of yen sloshing around, but how it's used. Unless people borrow and banks lend, the economy won't revive. And don't forget the secular deflationary forces of an aging population and the rise of China.
    • ETFs: DXJ, EWJ, FXY, YCS, DFJ, JYN, NKY, DBJP, EZJ, EWV, YCL, SCJ, DXJS, JSC, ITF, JPNL, JPP, JPNS, HEWJ, FJP
    | 4 Comments
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JSC Description
The SPDR® Russell/Nomura Small Cap™ Japan ETF, before expenses, seeks to closely match the returns and characteristics of the total return performance of the Russell/Nomura Japan Small Cap Index, an equity index based upon the Japanese small cap equity market. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.
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