6.4%, 7.7% and now 10%. Those are the percentage gains for the Nikkei 225 over the past three sessions. Thursday’s gain was the 4th largest ever. Tokyo rallied along with the rest of Asia, including a record setting 12% surge in South Korea. Headlines emphasize Central Bank rate cuts, expectation of a BoJ cut tomorrow [...]
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RSS feed for this sectionNikkei rally sustained by pension fund buying
Stocks surged early and held up nicely in Tokyo, that is, until the start of the afternoon session and profit-taking. However, word on the street is that around 2pm pension fund buying helped recover the earlier highs — in fact, producing the seventh largest percentage gain ever for the N225 (7.7%). *I had to remove [...]
Finally, a Nikkei bottom?
After four days of massive hemorrhaging (over 2,100 points lost), the Nikkei 225 bounced back in an afternoon session rally that gained momentum into the close. The N225 gained 6.4% (459 points) to close at 7,621. In early trading it wasn’t clear a positive close would happen — the N225 fell through 7,000 at one [...]
Nikkei turns back the clock to 1982
By the end of the morning session’s dubious positive close, the Nikkei had already fallen through its post-bubble trough in early trading (compare valuations then and now), taking it to a level last reached 26-years ago (today’s close: 7,162.90). Media reports of mega banks needing to raise capital were finally taken seriously in the afternoon [...]
Japanese stocks hit 26-year low, but morning dubiously salvaged inspite of MUFJ report
It has been an interesting trading day thus far in Japan. Stocks have moved triple-digits up and down, including a 350 point surge from the day’s low, all to finish the morning session up a modest 30 points. During that time, the Nikkei 225 fell as low as 7,486, taking it to a 26-year low [...]
Nikkei and TOPIX, then and now
After the market close on Friday, the Nikkei published a table showing various metrics of such things as where the Nikkei 225, TOPIX-1, yen, and JGBs are trading now versus 5 1/2 years ago (April 28, 2003) when the N225 hit a post-bubble trough (note we’re about 40 points away from that bottom and early [...]
Painful reality as deleveraging brings another perfect storm to Japan
Heavy selling on Friday in Tokyo almost pushed the benchmark Nikkei 225 to its lowest post-bubble close (-9.6% to 7,649 vs. 7,607 set on April 28, 2003). And that’s not all: extended trading of N225 futures in Osaka brought a record session low of 7,100, representing another 520 points to the downside. Sony (JP: 6758) [...]
Gains unsurprisingly erased in Tokyo; patient buyers needed
Japanese stocks “rallied” a spectacular 14% last Tuesday, but in spite of that (and being surrounded by massive days of selling), I lacked the broader market’s bullish conviction and explained why in “Trying not to rain on the Tokyo stock parade.” Overnight, the Nikkei sold-off about 6.8% to fall back below 9,000 again to 8,674, [...]
Trying not to rain on the Tokyo stock parade
Japanese stocks surged Tuesday, easily outpacing earlier double-digit U.S. and European advances, for their biggest one day rise ever (N225: +14.15%). Stocks “rallied” on news of concerted European action to shore up the region’s financial system, the promise of U.S. action and on expectation the Japanese government will follow suit. We experienced a not so [...]
Panic selling in Japan brings casualties
Down more than 11% in early trading, the Nikkei shed 9.6% to plunge to the 8,000-level (closing at 8,276). N225 futures barely managed to preserve that level, dropping 1,180 points to 8,020. Yet again, the JP financial press, citing a Nikko/Citi strategist, points to (preemptive) selling by hedgies. Combined de-leveraging and de-risking by HFs is [...]
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