GLG's Harker gives his views on Japan after third quake

Following a week when Japan was rocked by two more devastating earthquakes, Stephen Harker, GLG's star Japan fund manager, explains why he is at odds with optimists who expect the economy to bounce back later this year.

Harker, manager of the £1.1bn GLG Japan CoreAlpha fund, says he is cautious on the outlook for Japanese economic growth amid a warning from the Bank of Japan that the economy is under pressure. Harker said last month’s earthquake and tsunami, which have since been exacerbated by last week's events, will likely lead to higher tax rates to support people displaced by the disaster. He also expects the rebuild of homes across the devastated north east mooted by some economists to be a pipedream. He said given the amount of spare housing available around the country, there will be little d...