Wednesday, May 31, 2006

A Gently Warming Sun
This upbeat Forbes article by Tim Kelly on Japan's stock markets compares them with American bourses in the 1980s. US economic growth at 3%-4% was good, not great, yet stocks posted big gains. Kelly says the same will happen in Japan. He quotes Edwin Merner of the Atlantis Japan Growth Fund, who argues that smaller equities, notably those in electronic devices working on minituarization, will outpace the Sonys and Matsushitas. Merner also sees potential in firms involved in generic drugs, which the Japanese government will push to reduce health care costs for its aging population.

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