Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: energyplay who wrote (35640)	7/2/2003 3:19:07 AM
From: energyplay	Respond to of 74559

Tokyo's Nikkei blows past 9,500 Japanese banks soar; Asia markets rise after Wall St. rally By Allen Wan, CBS.MarketWatch.com Last Update: 3:02 AM ET July 2, 2003 TOKYO (CBS.MW) - Tokyo's main stock index soared over 3 percent to end at a fresh 9-month high Wednesday as improving business confidence in Japan, Wall Street's surge and the yen's weaker tone spurred on banks and tech issues for a second day. Asian markets rose across the region. The Nikkei Average jumped another 313 points, or 3.4 percent, to 9,592.24. The broader Topix rose 28 points to 945. Japanese bank stocks were the biggest high-flyers though technology and real estate issues weren't too far behind. Mizuho Financial (MZHOF: news, chart, profile) (JP:8411: news, chart, profile), the world's biggest in terms of assets, soared 18.5 percent to 122,000 yen. UFJ Holdings (UFJHF: news, chart, profile) surged 15.3 percent to 226,000 yen. Resona (JP:8308: news, chart, profile), which was bailed out by the government recently, gained 8 percent to 95 yen. Analysts say that Japanese banks are rebounding as fears of a financial system collapse have dissipated due in part to the government's more aggressive approach to deal with bad loans and willingness to use public funds to bail out troubled banks. Jesper Koll, chief economist at Merrill Lynch in Tokyo, said that the success of the Resona nationalization has altered the banking landscape. "Politically, the decisive use of taxpayer funds faced almost no opposition. Economically, the Resona nationalization removes fears of a 'credit crunch' with the new management under firm orders to maintain, even expand, the small/medium size loan book," he said in a note. Seiji Otsuka, analyst at JP Morgan in Tokyo, said that Japanese bank stocks have been rallying in recent days on the back of declines in bank bad loans, Wall Street's rally as well the residual effects from the government's bailout of Resona. "Public funds to Resona Bank have made people feel better about the financial system. Also the public funds were like a free gift to Resona stockholders and made them and other investors want to buy more stocks," he told CBS MarketWatch. A recent slew of positive Japanese economic data has also fueled the rally such as stronger-than-expected industrial production data and improved corporate confidence numbers from the tankan. Foreigners have been the biggest buyers of Japanese stocks. Markets across the region were on the rise after Wall Street staged a late day advance, with the Dow gaining 0.6 percent and the Nasdaq rising 1.1 percent. South Korea's Kospi index rose 1.6 percent to 685, Taiwan's Weighted Average jumped 1.5 percent to 5,095, Hong Kong's Hang Seng edged up 0.1 percent to 9,589 and Singapore's Straits Times Index rose 0.7 percent to 1,466. But Australia's All Ordinaries Index eased 0.2 percent to 3,003.

To: energyplay who wrote (35640)	7/2/2003 5:36:42 AM
From: Seeker of Truth	Read Replies (1) \| Respond to of 74559

There is much enthusiasm on our board now for investing in Japan, mostly based on the long term chart which seems to some to prove the cheapness. I'm quite jealous of you guys because I'm utterly unable to jump into a stock intending to get out of it in a month or so. The attention this demands from me, ruining my regular work, is intolerable. Anyway, lots of luck to you all. I really enjoy my regular business visits to Japan. I love visiting Japanese gardens and temples and when you've been there enough times you know the places where you can get delicious food at reasonable prices. And ordinary Japanese people are extraordinarily pleasant. They are sentimental and warm. BUT BUT BUT, forget meaningful annual reports, forget transparency, forget the ever growing competition in manufacturing from South Korea and now China.forget the aging population, forget the almost total absence of basic research in science, forget the absolute corruption of the party which has been in power for 50 years or so, forget the coming decline in population, forget the resistance to immigration, strongest such resistance in the world, forget the docility of the electorate, forget all this and then it's easy to take a flyer in this so cheap(??) Japanese share market. Again, lots of luck! Sincerely