PSA Japan Market Strategy: Are We in For Another Strong 4Q in Japanese Equities?
Japan Market StrategyAre We in For Another Strong 4Q in Japanese Equities?
Will this be the year that being positive on Japanese equities in the fourth quarter proves to be incorrect? Rather like the view that an NFC team winning the Super Bowl meant that Dow would go up that year, it is amazing to think that the Japan 4Q theory has lasted as long as it has, as it really should have been arbitraged away by now. Nevertheless, it is the case that since the start of quantitative easing in 2003, almost all the performance in the Japanese stock market has been obtained by investing, while not in the final quarter of the year, in the final third of the year. Since the start of Sept 2003, Topix is up 73%. Remarkably, if you had only invested in the final four months of each year from then on, you would be up 70%.
Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods.
PSA produces both company and sector reports. The focus of PSA’s research is to identify winners and losers as new technologies impact the top and bottom lines of corporations. Critical to our research is the clear explanation of how these new technologies work and how they impact companies and industries.
The founding partners have worked closely together for twenty years and the team has more than doubled in size since 2012.
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