Salient to Investors:

Isao Kubo at Nissay Asset Management said all the data yesterday points to a slowdown, and we can’t expect immediate stimulus measures. Kubo said Japanese stocks are resilient because of the yen, the biggest barometer for Japan’s corporate outlook.

The Topix sells for 0.88 times book value.

Tomoichiro Kubota at Matsui Securities said employment and housing remain sluggish in the U.S. economy, boosting the need to counter a slowdown with monetary policy – the yen has stabilized, providing a floor for Japan’s stocks.

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