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Strategies & Market Trends : JAPAN-Nikkei-Time to go back up?
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To: borb who started this subject8/23/2003 8:58:56 AM
From: Julius Wong   of 3902
 
It's Hard to Find a Bear on Japan These Days

JAPAN SHOT OUT OF THE GATE AFTER the long O-bon holiday, jumping 4% last week -- 5.6% in U.S. dollars. Strong money flows suggest the rally "still has legs," says Marc Stern of Birinyi Associates, who supplied the chart below.

It's tough to find Japan bears these days, even among those who've correctly eschewed Japan's bear-market rallies. Jesper Koll, chief Japan economist at Merrill Lynch, wrote last week that Japanese deflation would end within nine to 12 months and that, subsequently, Japan would show "consistently positive CPI inflation and positive nominal GDP growth," thanks to corporate restructuring, broadening domestic demand and "extraordinary" monetary inflation. Shinichi Ichikawa, the CSFB Japan equity strategist, boosted his firm's forecast for Topix to 1100 in the next six months from its close of 1004 last week.

online.wsj.com
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