Salient to Investors:

Masaru Hamasaki at Toyota Asset Mgmt said:

  • Investors expect further BOJ stimulus but are also losing hope that big enough steps will be taken.
  • Japanese shares are outperforming versus overseas markets because the yen’s strengthening trend has eased.
  • The 2 percent growth of US GDP was certainly good as the headline, but the contents showed the pace of recovery is much as people expected, with domestic demand largely supported by military expenses.

The Topix is at 0.9 times book value versus 2.2 for S&P 500 Index and 1.5 for the Europe Stoxx 600 Index.

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