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	<title>Active Investing in Japan &#187; Nikkei</title>
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		<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>
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		<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>
		<wfw:commentRss>http://steventowns.com/2009/11/14/jgb-masochists-versus-sadist-hedgies/feed/</wfw:commentRss>
		<slash:comments>0</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>Shanghai selloff overshadows DPJ, Nikkei</title>
		<link>http://steventowns.com/2009/08/31/shanghai-selloff-overshadows-dpj-nikkei/</link>
		<comments>http://steventowns.com/2009/08/31/shanghai-selloff-overshadows-dpj-nikkei/#comments</comments>
		<pubDate>Mon, 31 Aug 2009 13:22:30 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Market Summary]]></category>
		<category><![CDATA[Yen]]></category>
		<category><![CDATA[dollar]]></category>
		<category><![CDATA[domestic demand]]></category>
		<category><![CDATA[DPJ]]></category>
		<category><![CDATA[exporters]]></category>
		<category><![CDATA[forex]]></category>
		<category><![CDATA[historic election]]></category>
		<category><![CDATA[LDP]]></category>
		<category><![CDATA[Nikkei]]></category>
		<category><![CDATA[Nikkei 225]]></category>
		<category><![CDATA[reform]]></category>
		<category><![CDATA[Shanghai]]></category>
		<category><![CDATA[strong yen]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/08/31/shanghai-selloff-overshadows-dpj-nikkei/</guid>
		<description><![CDATA[The DPJ&#8217;s rise (and the LDP&#8217;s fall) is no longer debate material, but a welcome reality. As expected, the yen exhibited strength, and looks poised to test ¥92. The Nikkei meanwhile was quite volatile, gapping up, hitting a new ytd high at 10,767, tumbling into the start of the afternoon session to a low of [...]]]></description>
		<wfw:commentRss>http://steventowns.com/2009/08/31/shanghai-selloff-overshadows-dpj-nikkei/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Strong yen the new norm as Japan poised to reform?</title>
		<link>http://steventowns.com/2009/08/20/strong-yen-the-new-norm-as-japan-poised-to-reform/</link>
		<comments>http://steventowns.com/2009/08/20/strong-yen-the-new-norm-as-japan-poised-to-reform/#comments</comments>
		<pubDate>Thu, 20 Aug 2009 13:25:00 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Economy]]></category>
		<category><![CDATA[Japan - Invest/Econ]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[Yen]]></category>
		<category><![CDATA[domestic demand]]></category>
		<category><![CDATA[DPJ]]></category>
		<category><![CDATA[exports]]></category>
		<category><![CDATA[FDI]]></category>
		<category><![CDATA[forex]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[LDP]]></category>
		<category><![CDATA[Nikkei]]></category>
		<category><![CDATA[parliamentary election]]></category>
		<category><![CDATA[small cap]]></category>
		<category><![CDATA[strong yen]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/08/20/strong-yen-the-new-norm-as-japan-poised-to-reform/</guid>
		<description><![CDATA[Interesting developments in the Nikkei ahead of the parliamentary election at the end of this month, which at this point looks as if it will finally bring an end to LDP rule. A foreign exchange rate of $1/¥94 would have been practically inconceivable prior to the &#8220;Lehman shock&#8221; (as the Japanese refer to the genesis [...]]]></description>
		<wfw:commentRss>http://steventowns.com/2009/08/20/strong-yen-the-new-norm-as-japan-poised-to-reform/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>The perils of overcapacity in Japan</title>
		<link>http://steventowns.com/2009/08/17/the-perils-of-overcapacity-in-japan/</link>
		<comments>http://steventowns.com/2009/08/17/the-perils-of-overcapacity-in-japan/#comments</comments>
		<pubDate>Mon, 17 Aug 2009 13:18:38 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Economy]]></category>
		<category><![CDATA[Market Summary]]></category>
		<category><![CDATA[consumption]]></category>
		<category><![CDATA[export]]></category>
		<category><![CDATA[GDP]]></category>
		<category><![CDATA[government stimulus]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[Japanese economy]]></category>
		<category><![CDATA[lending]]></category>
		<category><![CDATA[Nikkei]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/08/17/the-perils-of-overcapacity-in-japan/</guid>
		<description><![CDATA[&#8220;Recession ends in Japan,&#8221; and headlines to that effect portray a different picture than the real one on the streets. In fact, despite the headline rebound in GDP, propping open the hood shows that the outlook for Japan is a return to status quo, little to nil export-driven growth at best, and raises the likelihood [...]]]></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 Weekly Outlook: To 13,000 or Back to 12,000?</title>
		<link>http://steventowns.com/2008/03/30/nikkei-weekly-outlook-to-13000-or-back-to-12000/</link>
		<comments>http://steventowns.com/2008/03/30/nikkei-weekly-outlook-to-13000-or-back-to-12000/#comments</comments>
		<pubDate>Sun, 30 Mar 2008 22:58:44 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Weekly Outlook]]></category>
		<category><![CDATA[Bank of Japan]]></category>
		<category><![CDATA[boj]]></category>
		<category><![CDATA[corporate governance]]></category>
		<category><![CDATA[Earnings]]></category>
		<category><![CDATA[equities]]></category>
		<category><![CDATA[forex]]></category>
		<category><![CDATA[market]]></category>
		<category><![CDATA[Nikkei]]></category>
		<category><![CDATA[Nikkei 225]]></category>
		<category><![CDATA[outlook]]></category>
		<category><![CDATA[stocks]]></category>
		<category><![CDATA[tankan]]></category>
		<category><![CDATA[tokyo]]></category>
		<category><![CDATA[Yen]]></category>

		<guid isPermaLink="false">http://steventowns.com/2008/03/30/nikkei-weekly-outlook-to-13000-or-back-to-12000/</guid>
		<description><![CDATA[What to watch: Monday, 3/31: February Industrial Production; Tuesday, 4/1: Tankan (watch capex spending outlook and yen/dollar predictions &#8212; the FY07 second-half ¥/$ prediction for the December survey was 113.79 compared to 114.23-33 in the Sept. and Mar. surveys and a most recent quote of about ¥99).
Ongoing: Bank of Japan [BoJ] rate cut speculation; the [...]]]></description>
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		<slash:comments>0</slash:comments>
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