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	<title>Active Investing in Japan &#187; Sentiment</title>
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		<title>Japanese individual investors saying no thank you to JGBs</title>
		<link>http://steventowns.com/2009/11/05/japanese-individual-investors-saying-no-thank-you-to-jgbs/</link>
		<comments>http://steventowns.com/2009/11/05/japanese-individual-investors-saying-no-thank-you-to-jgbs/#comments</comments>
		<pubDate>Thu, 05 Nov 2009 05:13:19 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[General]]></category>
		<category><![CDATA[JGBs]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Yen]]></category>
		<category><![CDATA[interest rates]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[Japanese Government Bond]]></category>
		<category><![CDATA[Japanese investors]]></category>
		<category><![CDATA[JGB]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/11/05/japanese-individual-investors-saying-no-thank-you-to-jgbs/</guid>
		<description><![CDATA[The Mainichi Shimbun (original in Japanese) reported early Thursday that Japanese Government Bonds&#8217; (JGBs) popularity is rapidly falling among individual investors. Beginning in 2003, the Ministry of Finance (MoF) has sold two types of JGBs (a fixed-rate 5-year and a variable-rate 10-year)  four times a year to individual investors. However, as interest rates have [...]]]></description>
		<wfw:commentRss>http://steventowns.com/2009/11/05/japanese-individual-investors-saying-no-thank-you-to-jgbs/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
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		<item>
		<title>Knuckleheaded Nomura</title>
		<link>http://steventowns.com/2009/09/25/knuckleheaded-nomura/</link>
		<comments>http://steventowns.com/2009/09/25/knuckleheaded-nomura/#comments</comments>
		<pubDate>Fri, 25 Sep 2009 13:08:20 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[capital raising]]></category>
		<category><![CDATA[Goldman]]></category>
		<category><![CDATA[Lehman]]></category>
		<category><![CDATA[Nomura]]></category>
		<category><![CDATA[Nomura shock]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/09/25/knuckleheaded-nomura/</guid>
		<description><![CDATA[The latest and largest equity dilution &#8212; approx. $5.6B; 30% s/o &#8212; by Nomura (JP: 8604) (NMR: 5.63 +0.18%) has sent its shares down 16% to ¥573 in Tokyo ($6.35 at ¥90.3/$1) following an earlier rout in NY.  I think the stock has further to fall, given that it was saved by its daily loss-limit [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Japan lost, but not dead, in deflation</title>
		<link>http://steventowns.com/2009/04/26/japan-lost-but-not-dead-in-deflation/</link>
		<comments>http://steventowns.com/2009/04/26/japan-lost-but-not-dead-in-deflation/#comments</comments>
		<pubDate>Sun, 26 Apr 2009 23:56:31 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Economy]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Weekly Outlook]]></category>
		<category><![CDATA[capex]]></category>
		<category><![CDATA[deflation]]></category>
		<category><![CDATA[dividends]]></category>
		<category><![CDATA[Earnings]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[Jesper Koll]]></category>
		<category><![CDATA[N225]]></category>
		<category><![CDATA[Nikkei]]></category>
		<category><![CDATA[procyclical]]></category>
		<category><![CDATA[recession]]></category>
		<category><![CDATA[Tantallon Research]]></category>
		<category><![CDATA[tokyo]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/04/26/japan-lost-but-not-dead-in-deflation/</guid>
		<description><![CDATA[For Japan, the 1990s are commonly referred to as the &#8220;lost decade.&#8221; Those that know me are aware that I look beyond that and actually regard a quarter-century as the appropriate &#8220;lost&#8221; duration. However, if one really thinks about what has transpired and where we are today, it is rather impressive that Japan continues to [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Nikkei 9000, 8000, or 7000?</title>
		<link>http://steventowns.com/2009/03/31/nikkei-9000-8000-or-7000/</link>
		<comments>http://steventowns.com/2009/03/31/nikkei-9000-8000-or-7000/#comments</comments>
		<pubDate>Tue, 31 Mar 2009 23:48:37 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Market Summary]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[Weekly Outlook]]></category>
		<category><![CDATA[confidence]]></category>
		<category><![CDATA[equities]]></category>
		<category><![CDATA[EWJ]]></category>
		<category><![CDATA[iShares MSCI Japan]]></category>
		<category><![CDATA[mark-to-market]]></category>
		<category><![CDATA[N225]]></category>
		<category><![CDATA[Nikkei 225]]></category>
		<category><![CDATA[Nikkei 225 Stock Average]]></category>
		<category><![CDATA[recovery]]></category>
		<category><![CDATA[stocks]]></category>
		<category><![CDATA[tokyo]]></category>
		<category><![CDATA[Tokyo Stock Exchange]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/03/31/nikkei-9000-8000-or-7000/</guid>
		<description><![CDATA[About a year ago today, I published a weekly Nikkei outlook discussing whether the Nikkei was headed to 13,000 or back to 12,000. Suffice to say that much has happened since then. At the start of the new fiscal year today, the range in question is broader, 7,000 &#8211; 9,000, but obviously it is not [...]]]></description>
		<wfw:commentRss>http://steventowns.com/2009/03/31/nikkei-9000-8000-or-7000/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Japanese stocks &#8216;fairly&#8217; undervalued</title>
		<link>http://steventowns.com/2009/01/23/japanese-stocks-fairly-undervalued/</link>
		<comments>http://steventowns.com/2009/01/23/japanese-stocks-fairly-undervalued/#comments</comments>
		<pubDate>Fri, 23 Jan 2009 05:17:29 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Earnings]]></category>
		<category><![CDATA[Hedge Funds]]></category>
		<category><![CDATA[JGBs]]></category>
		<category><![CDATA[M&A]]></category>
		<category><![CDATA[Monetary policy]]></category>
		<category><![CDATA[Mutual Funds]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[Yen]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/01/23/japanese-stocks-fairly-undervalued/</guid>
		<description><![CDATA[The author&#8217;s intent is not to be misleading, but rather to be as frank as possible, regarding the longstanding debate of whether or not Japanese stocks are truly undervalued. In short, the answer is  no. I no longer believe Japanese stocks are undervalued, not to the extent that I once did, and not to the [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Individual investors rising through the wreckage in Tokyo</title>
		<link>http://steventowns.com/2008/11/09/individual-investors-rising-through-the-wreckage-in-tokyo/</link>
		<comments>http://steventowns.com/2008/11/09/individual-investors-rising-through-the-wreckage-in-tokyo/#comments</comments>
		<pubDate>Mon, 10 Nov 2008 02:18:59 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Sentiment]]></category>

		<guid isPermaLink="false">http://steventowns.com/2008/11/09/individual-investors-rising-through-the-wreckage-in-tokyo/</guid>
		<description><![CDATA[To say that the Japanese are sitting on a lot of cash is an understatement. In fact, with as much as $15T of aggregate &#8220;AUM,&#8221; they continue to struggle (esp. since the YCT was grounded) to find a way to earn better than next-to-nothing returns, given the nation&#8217;s miniaturized monetary policy.  Individual investors&#8217; long [...]]]></description>
		<wfw:commentRss>http://steventowns.com/2008/11/09/individual-investors-rising-through-the-wreckage-in-tokyo/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Japanese stocks set to sink again as reality bites</title>
		<link>http://steventowns.com/2008/11/06/japanese-stocks-set-to-sink-again-as-reality-bites/</link>
		<comments>http://steventowns.com/2008/11/06/japanese-stocks-set-to-sink-again-as-reality-bites/#comments</comments>
		<pubDate>Thu, 06 Nov 2008 23:27:27 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Earnings]]></category>
		<category><![CDATA[Market Summary]]></category>
		<category><![CDATA[Nikkei Futures]]></category>
		<category><![CDATA[Sentiment]]></category>

		<guid isPermaLink="false">http://steventowns.com/2008/11/06/stocks-set-to-sink-again-as-reality-bites/</guid>
		<description><![CDATA[Prior to yesterday&#8217;s 6.5% drop in Tokyo (Nikkei 225 close at 8,899), the N225 had rallied 33% in the prior six sessions to recoup a good chunk of the 37% drop between Oct. 1 and the 26-year low reached Oct. 27 at 7,162. Yesterday I stated the obvious in that Tokyo would sell-off as reality [...]]]></description>
		<wfw:commentRss>http://steventowns.com/2008/11/06/japanese-stocks-set-to-sink-again-as-reality-bites/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Awaiting a sell-off as reality strikes again</title>
		<link>http://steventowns.com/2008/11/05/awaiting-a-sell-off-as-reality-strikes-again/</link>
		<comments>http://steventowns.com/2008/11/05/awaiting-a-sell-off-as-reality-strikes-again/#comments</comments>
		<pubDate>Wed, 05 Nov 2008 21:15:43 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Economy]]></category>
		<category><![CDATA[Market Summary]]></category>
		<category><![CDATA[Sentiment]]></category>

		<guid isPermaLink="false">http://steventowns.com/2008/11/05/awaiting-a-sell-off-extent-of-which-not-known-as-reality-strikes-again/</guid>
		<description><![CDATA[The benchmark Nikkei 225 has gained 33% in the last six trading sessions since bottoming at a 26-year low at 7,162 on October 27. However, to put the surge in perspective: from the start of October to that bottom, the Nikkei shed an even more impressive 37%. So at a close yesterday of 9,521, the [...]]]></description>
		<wfw:commentRss>http://steventowns.com/2008/11/05/awaiting-a-sell-off-as-reality-strikes-again/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>Finally, a Nikkei bottom?</title>
		<link>http://steventowns.com/2008/10/28/finally-a-nikkei-bottom/</link>
		<comments>http://steventowns.com/2008/10/28/finally-a-nikkei-bottom/#comments</comments>
		<pubDate>Tue, 28 Oct 2008 12:02:45 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Market Summary]]></category>
		<category><![CDATA[Sentiment]]></category>

		<guid isPermaLink="false">http://steventowns.com/2008/10/28/finally-a-nikkei-bottom/</guid>
		<description><![CDATA[ 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&#8217;t clear a positive close would happen &#8212; the N225 fell through 7,000 at [...]]]></description>
		<wfw:commentRss>http://steventowns.com/2008/10/28/finally-a-nikkei-bottom/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Painful reality as deleveraging brings another perfect storm to Japan</title>
		<link>http://steventowns.com/2008/10/24/painful-reality-as-deleveraging-brings-another-perfect-storm-to-japan/</link>
		<comments>http://steventowns.com/2008/10/24/painful-reality-as-deleveraging-brings-another-perfect-storm-to-japan/#comments</comments>
		<pubDate>Fri, 24 Oct 2008 12:53:36 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Market Summary]]></category>
		<category><![CDATA[Sentiment]]></category>

		<guid isPermaLink="false">http://steventowns.com/2008/10/24/painful-reality-as-deleveraging-brings-another-perfect-storm-to-japan/</guid>
		<description><![CDATA[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&#8217;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) [...]]]></description>
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		<slash:comments>4</slash:comments>
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