| | Unlike in the West, the stock market in Japan has been fairly restrained. Since mid July, the S&P 500 has had a bear market (-20 per cent) and a bull market (+20 per cent), while European markets such as the German DAX fell -33 per cent to late September followed by +30 per cent to late October. In Japan, the TOPIX index fell 14 per cent in late July but has then just moved sideways through a narrow ±3.5 per cent range. There has been no bounce from the (short-term?) relief at the (apparent) resolution of the European debt crisis, nor even at the stronger economic data coming from the US. (...) More in PDF download |
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