TOKYO: A tailwind behind Japanese stocks is strengthening as large foreign funds who have been avoiding the market for decades start to reach into pockets deep enough to take the Nikkei back to its 1989 peak. Their money was on the sidelines while the Nikkei 225 surged 27 per cent in the first half of the
TOKYO: A tailwind behind Japanese stocks is strengthening as large foreign funds who have been avoiding the market for decades start to reach into pockets deep enough to take the Nikkei back to its 1989 peak.
The research arm of BlackRock, the world's biggest asset manager, shifted its view on Japanese equities to neutral from underweight. Nomura Securities expects others will soon follow suit. Japan's biggest brokerage estimates some ¥10 trillion of potential inflows from foreign long-only investors as they rebalance portfolios in a mass migration to neutral weightings.
"A lot of sticky money is moving into Japan," he said."It's a lot of people who always used to have an underweight," with the poor performance and negative sentiment surrounding China's markets this year prompting global investors to look elsewhere. Although billionaire investor Warren Buffett has grabbed headlines with his Japan stock purchases, a lot of inflows have been from so-called fast money overseas, such as algorithmic traders or hedge funds investing with borrowed money.
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