The Nikkei 225 had a nice finish to a mostly flat week. Most importantly, it finally exceeded the 18,000 level for the first time in almost seven years. The broader TOPIX was no laggard, also eclipsing an important psychological level (1,800), trading at a 15 year high.
See directly below for a one year chart of the N225 as of Friday's (2/23) close.
The 10 Japanese ETFs/CEFs trading in the U.S. returned 0.86% on average last week, compared to their 3.58% average return two weeks ago. Still, in a two week period that's nearly a 4.5% average gain.
The SPDR Russell/Nomura SmallCap Japan (NYSEARCA:JSC) fund was the top performer at +2.31%, adding to its 3.99% weekly gain two weeks ago. The Japan Smaller Capitalization Fund Inc. (NYSE:JOF), once again lagged, taking up the bottom at -1.01%, versus +0.36% two weeks ago. iShares MSCI Japan Index (NYSEARCA:EWJ), the most actively traded country ETF, gained 0.87% (vs. 4.48% two weeks ago).
Click to enlarge chart
Disclosure: The author owns iShares Japan call options.