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Wednesday, December 12, 2012, 8:04 AM Jeff Gundlach gets in on a recently popular trade - long Japanese equities and short the yen. The country is dead in the water, he says, with aggressive currency debasement about the only policy left, and cheap Japanese stocks are set to benefit. The dollar rises to its highest level vs. the yen 8 months, buying ¥82.89. 3 Comments [Global & FX, Quick Ideas]
Friday, December 7, 2012, 12:46 PM Why do investors continue to pour money into EWJ and expose themselves to currency risk when the DBJP offers the same Japanese stock exposure, but hedged against the yen? Another of Dennis Hudachek's 10 Overlooked ETFs is the INDA, tracking the same Indian index as the INP, but with lower expenses. And don't forget IAU, basically the same exposure as GLD, but at 15 bps cheaper per year. 5 Comments
Friday, December 7, 2012, 7:24 AM Owners of Japanese stocks can take comfort that these sorts of things happen a lot closer to the bottom than the top: Deutsche Bank has halted equity coverage on 11 of 27 Japanese industries. Along with the move comes a further paring of the bank's headcount in Japan. Comment! [Global & FX]
Wednesday, December 5, 2012, 3:41 PM Once a humble mail carrier, Japan Post has grown into a monster bureaucracy crushing Japan, writes Joseph Sternberg. Having chewed up and spit out former PM Koizumi who attempted to reform it, Japan Post is now looking to expand into college-savings, insurance, even home loans. Maybe of most import, JP's presence is threatening the country's participation in the major Trans-Pacific Partnership trade pact. Comment! [Global & FX]
Friday, November 30, 2012, 7:32 AM The yen takes another header overnight, carving out a new multi-month low as opposition party head Shinzo Abe again calls for all necessary measures to bring inflation up to 2%. His comments came after core CPI came in flat Y/Y in October. The dollar +0.7% vs. the yen at ¥82.70. The Nikkei, +0.5%, continues to rise. Hopefully overseas owners of stocks are currency hedged. 1 Comment [Global & FX]
Sunday, November 25, 2012, 8:44 PM The opposition party LDP - led by Shinzo Abe - maintains its lead over the DPJ in the latest polling from Japan. It's more good news for Nikkei longs and yen shorts as Abe's call for "unlimited monetary easing" has set off what is now a 10% rally in stocks and more than a 4% decline in the yen in just 2 weeks. Why hasn't your Japan ETF done so well? It may not be currency hedged. A comparison since the rally started. Comment! [Global & FX]
Wednesday, November 21, 2012, 7:31 AM Selling in the yen picks up steam, the currency hitting a 7-month low vs. the dollar as a wider-than-expected trade deficit - led by sorry export numbers - is likely to add fuel to the (possibly) incoming government's call to remove the BOJ's independence. The dollar +0.8% vs the yen, and buying ¥82.34. The Nikkei doesn't complain, +0.9%. 2 Comments [Global & FX]
Friday, November 16, 2012, 6:57 AM The "world has changed" moment of the week is Japan opposition party leader Shinzo Abe's call for "unlimited easing" by the Bank of Japan. Abe is likely the country's next PM after current PM Noda dissolved parliament and called a snap election. Tokyo +2.2% overnight adds to a 1.9% gain on the back of Abe's comments the day before. 15 Comments [Global & FX]
Thursday, November 15, 2012, 7:04 AM Tokyo bucks the selloff, +1.9% as opposition party leader Shinzo Abe - possibly set to come to power in coming elections - makes clear his position: "The biggest economic problem is prolonged deflation and a strong yen ... Markets will only start to react once unlimited monetary easing is conducted." The dollar rises to a 6-month high, +1.2% and buying ¥81.17. EWJ +1.6% premarket, but also consider funds which hedge against the yen. 1 Comment [Global & FX, On the Move]
Friday, November 2, 2012, 9:30 AM The yen continues to weaken, with the strong NFP report pushing the dollar firmly past ¥80. The move should help the Nikkei, which is up about 6.5% since mid-October. EWJ's exposure to currency fluctuations has led that ETF to underperform. For exposure to Japanese shares without worry over a weakening yen, there's always currency-hedged ETFs like DBJP and DXJ. Comment! [Global & FX]
Thursday, October 25, 2012, 7:01 AM The story in Asia continues to be Japan, where shares defy stumbling Western equities and continue to gain - the Nikkei's 1.1% move last night bringing a 2-week rally to 6.5%. A sliding yen - the dollar surpassing ¥80 for the first time since early summer - amidst the usual chatter of further BOJ action is helping grease the run. EWJ +0.8% premarket. 1 Comment [Global & FX, On the Move]
Monday, October 22, 2012, 9:28 AM There's a lot of bad news out of Japan, the latest being a plunge in exports to China thanks to tensions over the islands dispute, but the Nikkei quietly continues to rally. After opening sharply lower last night following Friday's big decline in the U.S., the Nikkei managed to eke out a 0.1% gain, and is now +5.9% over the past few sessions. EWJ +1.2% premarket. Comment! [Global & FX]
Thursday, October 11, 2012, 6:59 AM Along with Citigroup's U.S. equity upgrade is a downgrade to Underweight for Japan due to a disappointing bounce in profits. Comment! [Global & FX]
Sunday, September 30, 2012, 7:59 PM Japan's Tankan large-manufacturing survey comes in at -3 vs. expected -4, and against the previous quarter's -1. Companies see capex this fiscal year of +6.4%. Yen now at ¥77.96 to the dollar. Comment! [Global & FX, Breaking News]
Thursday, September 20, 2012, 7:20 AM The Nikkei - down 1.6% - sheds all and more of its post-BOJ QE pop as Japan's export trade continues to deteriorate. Trade was already in rough shape as the global economy slowed, now the island dispute with China threatens to hurt business even more. Among the big decliners was Komatsu - which gets 15% of sales in China - falling 3.1%. Comment! [Global & FX]
Wednesday, September 19, 2012, 6:49 AM The dollar +0.2% vs. the yen following the BOJ unexpectedly increasing the size of its QE program. The Nikkei rises 1.2% to its highest level since early May. Key commodity prices are subdued at the moment. Can someone find an important central bank somewhere in the world that doesn't have a heavy foot on the gas? 1 Comment [Global & FX]

SCJ iShares MSCI Japan Small Cap Index ETF

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iShares MSCI Japan Small Cap Index ETF