Artemis' Littlewood: Japan has gone beyond the point of no return

William Littlewood, manager of the £798m Artemis Strategic Assets fund, explains why he is bearish on Japanese bonds but favours Asian currencies, and why he is not buying miners.

Have you made any changes to your positions in Strategic Assets recently? We have made some small changes. We reduced a net position by a few percent, although my core position has not really changed. I am not bullish on markets, but I do think it is one where if shares fall, you want to buy them, and if shares rise, you want to sell them. Despite the macro- economics, the outlook is fairly good in some ways, because there are plenty of good stocks on low P/E ratios – many with P/Es of 10, 11, or 12 times still – with earnings yields of 8%-10%. Compare that with cash yielding virtually ...