Global problems obscure corporate sector good news

ON JAPAN

JAMES SALTER, manager of Polar Capital's Japan fund on Japan

For more on Japan, search Adviserhound.com Japan has again reverted to pariah status. Briefly, in the early part of the year, foreign investors began to consider Japan. This seemed justified as ten year treasuries hit 4% and the yen weakened to Y95 against the dollar. This was short lived as the ramifications of the European debt crisis on developed market economic growth began to be digested. Since early May the TSE First Section Index has fallen 15% and had at one stage two weeks ago fallen 20% from its highs. Global macro has completely dominated the relatively good micro news c...