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	<title>Active Investing in Japan</title>
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	<link>http://steventowns.com</link>
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		<title>Taking initiative to enhance value of IIJ</title>
		<link>http://steventowns.com/2010/03/10/taking-initiative-to-enhance-value-of-iij/</link>
		<comments>http://steventowns.com/2010/03/10/taking-initiative-to-enhance-value-of-iij/#comments</comments>
		<pubDate>Wed, 10 Mar 2010 19:43:33 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[3774]]></category>
		<category><![CDATA[IIJI]]></category>
		<category><![CDATA[Internet Initiative Japan]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=447</guid>
		<description><![CDATA[Internet Initiative Japan (IIJI) (3774) is a Japanese internet service provider offering a full suite of connectivity and outsourcing services. It is a pioneer among Japanese internet-related companies, having originally listed its shares on the Nasdaq in 1999, before eventually listing in Tokyo (Mothers) in 2005 and later transitioning to Topix 1st Section.
At the end [...]]]></description>
		<wfw:commentRss>http://steventowns.com/2010/03/10/taking-initiative-to-enhance-value-of-iij/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>M&amp;A is key for Japanese equities in 2010 &#8211; Goldman Sachs</title>
		<link>http://steventowns.com/2009/11/19/ma-is-key-for-japanese-equities-in-2010-goldman-sachs/</link>
		<comments>http://steventowns.com/2009/11/19/ma-is-key-for-japanese-equities-in-2010-goldman-sachs/#comments</comments>
		<pubDate>Thu, 19 Nov 2009 16:26:24 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Earnings]]></category>
		<category><![CDATA[Economy]]></category>
		<category><![CDATA[M&A]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[Goldman Sachs]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[Japanese stocks]]></category>
		<category><![CDATA[mergers and acquisitions]]></category>
		<category><![CDATA[Nikkei]]></category>
		<category><![CDATA[Nikkei 225]]></category>
		<category><![CDATA[ROE]]></category>
		<category><![CDATA[tokyo]]></category>
		<category><![CDATA[Topix]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/11/19/ma-is-key-for-japanese-equities-in-2010-goldman-sachs/</guid>
		<description><![CDATA[Reuters (article in Japanese) reports that Goldman Sachs issued a report earlier this week that argues M&#38;A will be the major theme for Japanese equities in 2010. Having a &#8216;macro&#8217; investment theme for the start of each new year is a ritual for brokerages in Japan, although it seems no one ever has the resolve [...]]]></description>
		<wfw:commentRss>http://steventowns.com/2009/11/19/ma-is-key-for-japanese-equities-in-2010-goldman-sachs/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The ongoing JGB battle</title>
		<link>http://steventowns.com/2009/11/14/jgb-masochists-versus-sadist-hedgies/</link>
		<comments>http://steventowns.com/2009/11/14/jgb-masochists-versus-sadist-hedgies/#comments</comments>
		<pubDate>Sat, 14 Nov 2009 20:22:57 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Economy]]></category>
		<category><![CDATA[Hedge Funds]]></category>
		<category><![CDATA[JGBs]]></category>
		<category><![CDATA[Monetary policy]]></category>
		<category><![CDATA[Yen]]></category>
		<category><![CDATA[cross shareholding]]></category>
		<category><![CDATA[David Einhorn]]></category>
		<category><![CDATA[FT Alphaville]]></category>
		<category><![CDATA[Greenlight Capital]]></category>
		<category><![CDATA[Gwen Robinson]]></category>
		<category><![CDATA[Japanese Government Bonds]]></category>
		<category><![CDATA[JGB]]></category>
		<category><![CDATA[Nikkei]]></category>
		<category><![CDATA[pension fund]]></category>
		<category><![CDATA[short]]></category>
		<category><![CDATA[tokyo]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/11/14/jgb-masochists-versus-sadist-hedgies/</guid>
		<description><![CDATA[No doubt David Einhorn (Greenlight Capital) is an astute investor. Recently he declared his bearish view on JGBs, which subsequently has generated heavy interest among financial and political circles. Hats off to Gwen Robinson of FT Alphaville for solid ongoing coverage of the latest JGB tale (see JGBs and the ‘end’ of the short-squeeze fest). [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<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>
		</item>
		<item>
		<title>Domestic and overseas factors a plenty for Japan</title>
		<link>http://steventowns.com/2009/10/26/domestic-and-overseas-factors-a-plenty-for-japan/</link>
		<comments>http://steventowns.com/2009/10/26/domestic-and-overseas-factors-a-plenty-for-japan/#comments</comments>
		<pubDate>Mon, 26 Oct 2009 13:49:02 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Earnings]]></category>
		<category><![CDATA[Economy]]></category>
		<category><![CDATA[Japan - Invest/Econ]]></category>
		<category><![CDATA[Market Summary]]></category>
		<category><![CDATA[Yen]]></category>
		<category><![CDATA[debt moratorium]]></category>
		<category><![CDATA[investors]]></category>
		<category><![CDATA[JAL]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[Japan Post]]></category>
		<category><![CDATA[Nikkei]]></category>
		<category><![CDATA[tokyo]]></category>
		<category><![CDATA[Topix]]></category>
		<category><![CDATA[traders]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/10/26/domestic-and-overseas-factors-a-plenty-for-japan/</guid>
		<description><![CDATA[More often than not, it is overseas factors that have the largest influence on trading in Japan. However, from time to time there is enough commotion domestically that also warrants the attention of investors. Unfortunately, the cacophony coming out of the government these days is more concerning than usual (e.g. Japan Post management/reform, debt moratorium, [...]]]></description>
		<wfw:commentRss>http://steventowns.com/2009/10/26/domestic-and-overseas-factors-a-plenty-for-japan/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Relief for Japanese exporters?</title>
		<link>http://steventowns.com/2009/10/20/relief-for-japanese-exporters/</link>
		<comments>http://steventowns.com/2009/10/20/relief-for-japanese-exporters/#comments</comments>
		<pubDate>Tue, 20 Oct 2009 17:41:38 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Economy]]></category>
		<category><![CDATA[Yen]]></category>
		<category><![CDATA[dollar depreciation]]></category>
		<category><![CDATA[japanese exporters]]></category>
		<category><![CDATA[japanese yen]]></category>
		<category><![CDATA[korean won]]></category>
		<category><![CDATA[US dollar]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/10/20/relief-for-japanese-exporters/</guid>
		<description><![CDATA[This brief post was inspired by a Bloomberg story on Asian currency strength &#8212; a good read, by the way. My thoughts: an even stronger Korean won would bring some relief to Japanese exporters. However, it&#8217;s not clear just how much (for instance, consider the volume of autos sold by JP vs SK) with such [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Global Central Bank Rates &#8211; October 16, 2009</title>
		<link>http://steventowns.com/2009/10/17/global-central-bank-rates-october-16-2009/</link>
		<comments>http://steventowns.com/2009/10/17/global-central-bank-rates-october-16-2009/#comments</comments>
		<pubDate>Sat, 17 Oct 2009 22:01:15 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Data]]></category>
		<category><![CDATA[General]]></category>
		<category><![CDATA[Australia]]></category>
		<category><![CDATA[Brazil]]></category>
		<category><![CDATA[Canada]]></category>
		<category><![CDATA[Central banks]]></category>
		<category><![CDATA[ECB]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[Mexico]]></category>
		<category><![CDATA[New Zealnd]]></category>
		<category><![CDATA[South Africa]]></category>
		<category><![CDATA[Switzerland]]></category>
		<category><![CDATA[UK]]></category>
		<category><![CDATA[USA]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/10/17/global-central-bank-rates-october-16-2009/</guid>
		<description><![CDATA[Global central bank rates (Brazil 8.75%, South Africa 7.0%, Mexico 4.5%, Australia 3.25%, New Zealand 2.5%,  ECB 1.0%, UK 0.5%, USA 0.25%, Canada 0.25%, Switzerland 0.25%,  Japan 0.11%) as of October 16, 2009. See chart image below. [Source: Bloomberg; Central Bank web sites]

]]></description>
		<wfw:commentRss>http://steventowns.com/2009/10/17/global-central-bank-rates-october-16-2009/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Top Foreign Holders of U.S. Treasuries</title>
		<link>http://steventowns.com/2009/10/17/top-foreign-holders-of-us-treasuries-2/</link>
		<comments>http://steventowns.com/2009/10/17/top-foreign-holders-of-us-treasuries-2/#comments</comments>
		<pubDate>Sat, 17 Oct 2009 19:25:40 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Data]]></category>
		<category><![CDATA[General]]></category>
		<category><![CDATA[dumping Treasuries]]></category>
		<category><![CDATA[foreign holders of US Treasuries]]></category>
		<category><![CDATA[US Treasuries]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/10/17/top-foreign-holders-of-us-treasuries-2/</guid>
		<description><![CDATA[Below is an extract of the latest data from the U.S. Treasury concerning foreign holders of U.S. Treasuries (year-to-date through the end of August). At least for now, the fear of foreigners dumping Treasuries can be allayed, although it is clear there is some month-month volatility from a key buyer (see the figures for Mainland [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Upcoming talks at Japan Society New York</title>
		<link>http://steventowns.com/2009/10/17/upcoming-talks-at-japan-society-new-york/</link>
		<comments>http://steventowns.com/2009/10/17/upcoming-talks-at-japan-society-new-york/#comments</comments>
		<pubDate>Sat, 17 Oct 2009 17:53:07 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[General]]></category>
		<category><![CDATA[American Dream]]></category>
		<category><![CDATA[ASBJ]]></category>
		<category><![CDATA[Boeing]]></category>
		<category><![CDATA[FASB]]></category>
		<category><![CDATA[Financial Reporting]]></category>
		<category><![CDATA[global economic recovery]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[Japan Society New York]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/10/17/upcoming-talks-at-japan-society-new-york/</guid>
		<description><![CDATA[For those in the area, below is a list of upcoming talks hosted by Japan Society New York. Click the respective link for additional information and for registration.
Oct. 20   Financial Reporting Reliability &#38; Transparency: Activities of FASB &#38; the ASBJ during the Financial Crisis
Oct. 27   Boeing &#38; Japan: A Strategic Partnership for 21st-Century [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<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: 7.45 +2.90%) 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>
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