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Japan

Tokyo vinder i 3. kvartal

Øget vækst i første halvår og fremgang for reformtilhængerne, forklarer fremgangen i Japan. Det britiske magasin the Economist giver investorerne ret: Bunden er passeret

Jonas Lindmark 15/10/2003

Børsen i Tokyo var en entydig vinder i tredje kvartal. Målt i dollar steg MSCI Japan med 21 pct. i de tre måneder, mens eksempelvis MSCI Europa og MSCI USA hver især blot gik 2 pct. op. Selv i den første halvdel af oktober har de japanske aktier klaret sig bedre end verdensindekset.


Konjunkturer og reformer

En af forklaringerne er de bedrede fremtidsudsigter for japansk økonomi både for konjunkturerne og strukturelt. Væksten i BNP tog fart i første halvår, og fremgangen ser ud til at blive ved. I al fald er porteføljeforvalterne mere optimistiske, fremgik af den forrige rundspørge fra Merrill Lynch og i Morningstars seneste European Fund Trends.

På længere sigt er det vigtigste dog de forbedringer som er sket på det strukturelle niveau i form af reformer rettet mod sanering af de mange problemer, som har plaget japansk økonomi.

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Om forfatteren

Jonas Lindmark

Jonas Lindmark  has been editor and head of fund analysis at Morningstar Sweden since August 2000. Before that he was personal finance editor and designed fund ratings during 9 years at the weekly business magazine Affärsvärlden.

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