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	<title>Active Investing in Japan &#187; Yen</title>
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		<title>Japan to be world&#8217;s 3rd largest economy is good news</title>
		<link>http://steventowns.com/2010/08/16/japan-to-be-worlds-3rd-largest-economy-is-good-news/</link>
		<comments>http://steventowns.com/2010/08/16/japan-to-be-worlds-3rd-largest-economy-is-good-news/#comments</comments>
		<pubDate>Mon, 16 Aug 2010 23:47:56 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[Bank of Japan]]></category>
		<category><![CDATA[dollar]]></category>
		<category><![CDATA[domestic demand]]></category>
		<category><![CDATA[Earnings]]></category>
		<category><![CDATA[exporters]]></category>
		<category><![CDATA[forex]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[Nikkei 225 Stock Average]]></category>
		<category><![CDATA[tokyo]]></category>
		<category><![CDATA[Topix]]></category>
		<category><![CDATA[Yen]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=552</guid>
		<description><![CDATA[&#8220;China poised to pass Japan as world&#8217;s No. 2 economy,&#8221; reports CNN.com.  Q2 GDP figures from Japan and China show the latter exceeding the former, $1.34 trillion vs. $1.29 trillion. In 2009, it was Japan ahead for the full year, at $5.07 trillion compared to China at $4.91 trillion, according to the IMF. Given the [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Unlocking value in Japanese real estate</title>
		<link>http://steventowns.com/2010/08/04/unlocking-value-in-japanese-real-estate/</link>
		<comments>http://steventowns.com/2010/08/04/unlocking-value-in-japanese-real-estate/#comments</comments>
		<pubDate>Thu, 05 Aug 2010 04:17:57 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Book Review]]></category>
		<category><![CDATA[Japan - Invest/Econ]]></category>
		<category><![CDATA[forex]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[JREIT]]></category>
		<category><![CDATA[real estate]]></category>
		<category><![CDATA[REIT]]></category>
		<category><![CDATA[Yen]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=534</guid>
		<description><![CDATA[ Christopher Dillon, a Hong Kong-based entrepreneur, writer, and real estate investor, is the author of two books about real estate (his first covered property transactions in Hong Kong, and his latest published this May, covers Japan). Landed: The guide to buying property in Japan, is a must-read, not just for those considering buying a [...]]]></description>
		<wfw:commentRss>http://steventowns.com/2010/08/04/unlocking-value-in-japanese-real-estate/feed/</wfw:commentRss>
		<slash:comments>1</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>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>What a run on the dollar could mean for Japan, the yen</title>
		<link>http://steventowns.com/2009/08/15/what-a-run-on-the-dollar-could-mean-for-japan-the-yen/</link>
		<comments>http://steventowns.com/2009/08/15/what-a-run-on-the-dollar-could-mean-for-japan-the-yen/#comments</comments>
		<pubDate>Sat, 15 Aug 2009 17:47:00 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Economy]]></category>
		<category><![CDATA[Yen]]></category>
		<category><![CDATA[Bank of Japan]]></category>
		<category><![CDATA[currencies]]></category>
		<category><![CDATA[dollar]]></category>
		<category><![CDATA[foreign reserves]]></category>
		<category><![CDATA[ministry of finance]]></category>
		<category><![CDATA[run on the dollar]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/08/15/what-a-run-on-the-dollar-could-mean-for-japan-the-yen/</guid>
		<description><![CDATA[In 1996, in The Future of Capitalism, Lester Thurow observed the following:
When a run against the dollar starts, there are enormous amounts of money that can, and will, move into appreciating currencies. Sixty percent of official reserves and 50 percent of private reserves are currently held in dollars. Those funds will certainly move, but they [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Pricey Japanese stocks?</title>
		<link>http://steventowns.com/2009/04/12/pricey-japanese-stocks/</link>
		<comments>http://steventowns.com/2009/04/12/pricey-japanese-stocks/#comments</comments>
		<pubDate>Mon, 13 Apr 2009 00:00:19 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Earnings]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[Weekly Outlook]]></category>
		<category><![CDATA[banks]]></category>
		<category><![CDATA[exporters]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[Japanese stock]]></category>
		<category><![CDATA[Nikkei 225]]></category>
		<category><![CDATA[tokyo]]></category>
		<category><![CDATA[Topix]]></category>
		<category><![CDATA[Yen]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/04/12/pricey-japanese-stocks/</guid>
		<description><![CDATA[Pricey, and Japanese stocks, are typically not heard together in the same sentence. However, since last September&#8217;s market rout, earnings have deteriorated to the point that the Nikkei 225 is trading at over 175x forward earnings; 10.1x on a trailing basis. No doubt the ratio will swell some more, potentially going negative for a quarter, [...]]]></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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