(Bloomberg) -- A top-performing Asia stock picker is pocketing gains in Japanese exporters on bets the yen’s tumble is nearing an end, and is instead buying ...
-- A top-performing Asia stock picker is pocketing gains in Japanese exporters on bets the yen’s tumble is nearing an end, and is instead buying Chinese shares that have become cheap.Canada Plans College Crackdown Amid Foreign Student Troubles
The Invesco fund manager’s expectation that the Japanese currency is bottoming is in line with forecasts by analysts surveyed by Bloomberg, who see the yen strengthening to 145 per dollar in the fourth quarter. The currency has been supported by speculation that the Bank of Japan may tweak its super-easy monetary policy as soon as this week, and there’s also concern that authorities might intervene in the foreign exchange market to buy the yen if it weakens too much.
“If you look at valuations, pessimism around the economy is pretty extreme,” said Roberts, 52, who joined Invesco Asset Management in 2000. Chinese shares are trading around 10 times their one-year forward earnings compared with a ratio of about 15 times for Japanese shares, according to MSCI indexes.
The currency’s depreciation plus Japan’s push to improve corporate governance have been the biggest tailwinds for the nation’s share rally so far this year, Roberts said. The Tokyo stock exchange, for example, has been urging companies to take steps to boost their market value. While he expects governance reform to continue to aid Japan’s stocks, the yen is fading as a supportive factor.
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