Japanese bank stocks are grabbing more headlines these days as they continue to scavenge around wounded U.S. i-banks. Nomura (8604) [[NMR]] added some more Lehman [[LEH]] human capital (in Europe/ME after snagging its Asian ops) and Sumitomo Mitsui FG (8316) (SMFJY.PK) is said to be considering making an investment in Goldman [[GS]]. Investors responded particularly [...]
Archive | September, 2008
Reality striking USA may prompt profit-taking in Tokyo after holiday
It goes without saying that I am extremely skeptical of the Paulson bailout scheme under the funny money regime. Good for Nomura [[NMR]] and Mitsubishi UFJ [[MTU]] for being able to get in on the scavenging, the former, which is said to be buying Lehman’s Asia franchise and the latter which is reported to be [...]
A Tale of Two Banking Systems
Wilbur Ross made an interesting comment at an Invesco seminar in Tokyo on Thursday, stating that Japan’s financial system has never been healthier — even (historically) compared to the U.S. No further details were provided by financial press coverage in Japanese, but it is fairly obvious that the Japanese were primarily (although marginal) customers of [...]
More global fund managers ‘underweight’ Japan — Merrill
Merrill Lynch’s Global Fund Manager Survey for September unequivocally depicts further deterioration in sentiment towards fund allocation for Japanese stocks. The effects of a pullback in overseas capital — not to mention the control overseas investors wield in Tokyo trading — are already evident as the Nikkei fell to a new multi-year low Thursday. By [...]
Tokyo reopens: Nikkei, Topix shed 5%
So much for enjoying the latter part of the three-day weekend in Japan. The spectacular “Bloody Sunday” was followed by sell-off Monday in the global markets that were open, which in turn set up Japanese stocks for a heavy drop upon reopening Tuesday. The Nikkei 225 hit a 3-year-plus intra-day low of 11,551, going back [...]
‘Bloody Sunday’ impact on Tokyo yet to be seen
CNBC dubbed “Bloody Sunday” coincided with Keiro no hi (Respect for the Aged Day) in Japan and thus the Tokyo Exchange was closed. Stocks fell broadly across Asia for those exchanges that were open, including a loss of 4.1% in Taiwan and losses of 3.3% in Singapore and India. Mid-day stocks are falling even harder [...]
Leaderless, Japanese stocks suffer in typical fashion in September
The Nikkei has lost 3.5% in the first two trading sessions this September — more than erasing the month-end window dressing — and now sits at a five-month low. Initially not phasing stocks was the announced resignation of PM Fukuda, with commentary inside and out of Japan noting the rather muted reaction by investors and [...]
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