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Politics : Formerly About Applied Materials

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Dec 26 9:30 AM EST

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To: StanX Long who wrote (62136)	3/15/2002 12:31:10 AM
From: StanX Long	Read Replies (1) of 70976

Morgan Stanley's Alkire is long Japan By Bill Clifford, CBS.MarketWatch.com Last Update: 12:18 AM ET March 15, 2002 marketwatch.com TOKYO (CBS.MW) -- In November and December, the amount of short interest in the Tokyo stock market exceeded long margin positions. "Unprecedented," said John Alkire, president and chief investment officer, Morgan Stanley Asset & Investment Trust Management in Japan. Free! Sign up here to receive our Personal Finance Daily e-newsletter! Create an alert for JPNAX Add JPNAX to my portfolio Discuss JPNAX NEWS FOR JPNAX Morgan Stanley's John Alkire talks Tokyo stocks More news for JPNAX Quote & NewsChartsFinancialsAnalystsOptionsSEC Filings Quote delayed 20 minutes. Disclaimer This "Sell Japan" mentality brought the Nikkei 225 Average to an 18-year low of 9,420.85 on Feb. 6. It provoked the Japanese financial authorities to penalize four foreign brokerage houses at the end of the month for short-selling violations. Tighter rules for the practice -- selling borrowed shares with a view to buying buy them back at a cheaper prices -- were set. The crackdown triggered a wall of short-covering and a series of "Buy Japan" recommendations from sell-side strategists that fueled a stunning Nikkei rally. But about a week before all of that, Alkire and his team of fund managers, had already begun to increase their buying of Japanese stocks. CBS.MarketWatch.com spoke with Alkire this week to find out why. Q. Given the already huge run-up in Japanese stocks over the past month, how much upside is left, especially for investors coming into the market today?

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