FLJP - Japanese Equities: Don't Chase The Rally
By Mike Pyle, Ben Powell, Scott Thiel
Japanese equities outran their global peers in September in an exaggerated response to a temporary thaw in U.S.-China trade tensions. We maintain our underweight on Japanese equities, as they are still particularly vulnerable to a growth slowdown in China and we see no sustained letup in the protectionist push. Yet the September rally offers a preview of the potential upside in Japanese equities if trade tensions were to fade substantively and growth to reaccelerate.
Latest Commentary
Chart of the week
Total return of Japan, U.S. and world ex-Japan