Please login to access your profile

TMI Magazine

Country Focus

The Glass Remains Half Full

by Anais Faraj, Global Strategist, Nomura

2005 has not favoured the Tokyo stock market. In dollar terms, the Nikkei 225 has lost over 7% year-to- date, significantly worse than 0.9% for the S&P500, -2.4% on the Dow, and just over 4% on the Nasdaq. European markets have also done relatively better with the DJ Stoxx down 3.4%.And while the broa- der Topix index has been slightly better than the Nikkei (down a mere 5.4%) Japanese equities, notably the large caps, have under-performed the rest of Asia. The FTSE Asia-Pacific ex-Japan index has only lost 3.5% this year, refuting sugges- tions that Japan’s malaise is linked to perceived weakness in China and the US. Indeed, Japan’s underperformance is even more remarkable when one considers that the Tokyo market continues to sport outstanding fundamentals.

Leveraging Technical Solutions for Strategic Advantage

Download this article for free

Print Ready version of this article

Save PDFs of your favorite articles, authors and companies. Bookmark this article, or add to a list of your favorites within mytmi.

Register Today for FREE!

Share this article

Share article on LinkedIn

Share article on Facebook

Share article on Twitter

back to Country Focus category

People who read this also looked at these articles ...

Case Study: Out with the Old, In with the New

Alex Verbaeten, Global Treasury Solutions, Senior Vice Presisdent, Bank of America Merrill Lynch, and Simeon Stevens, Global Corporate Banking, Principal, Consumer and Retail, Bank of America Merrill Lynch

Executing the Trade: Controlling the Risk

Peter Seward, Vice President of Product Strategy, Reval

Leader: Clients Demand Innovation in Difficult Times

Marilyn Spearing, Global Head of Trade Finance and Cash Management Corporates at Deutsche Bank

Filling the Gaps: Money Market Funds

Mark Allen, Head of EMEA Cash Sales, Goldman Sachs Asset Management

Working Capital and Liquidity Management: Safety First

Transaction Banking, Standard Chartered Bank

Improving Returns from Cross-Border Cash Balances

Executive Interview: A Cohesive Approach to Investment and Corporate Banking

Insourcing Treasury Operations at Borealis

East European Focus: Retailing in Russia - hit hard by the crisis, but a good time for foreign entrants

East European Focus: The Rewards of Russian Retail

Top Downloads

The CEO’s Guide to Corporate Finance

Managing Cash as a Corporate Asset

The PwC European Working Capital Study

The Changing Landscape of Treasury Risk Management

TMI is published in association with:

Click here for international partners

Treasury Management International showcases topical, pragmatic solutions and strategic insights on treasury, cash management, foreign exchange and other issues affecting treasury and financial professionals, together with treasury and finance news, education and opinion. With real-life treasury management experiences and case studies at its core, TMI provides valuable material for all practitioners - from experienced treasurers and CFOs to those new to the profession.

ADVICE TO READERS

While all reasonable care has been taken to ensure the accuracy of the publication, the publishers cannot accept responsibility for any errors or omissions. All rights reserved. No paragraph or other part of this publication may be reproduced or transmitted in any form by any means, including photocopying and recording, without the written permission of Treasury Management International Ltd or in accordance with the provisions of the Copyright Act 1956 (as amended). Such written permission must also be obtained before any paragraph or other part of this publication is stored in a retrieval system of any kind.

Registered in England and Wales Number: 05838515

Treasury Management International