Japanese stocks trade at their highest level since 1990
Foreign investors are back. Japanese stocks are trading at their highest level since 1990, as highlighted by CNBC. The equally-weighted Japanese stock market index Topix is trading higher, led by utilities, consumer cyclicals, technology and financials: shares in Tokyo Electron, Oriental Land, Softbank Group, Sony and Nintendo were the top performers.
SocGen noted that foreign investors bought Japanese stocks for a net 2.1 trillion yen ($15.4 billion) in April 2023. The French bank added that Japan’s corporate sector remains the largest net buyer of Japanese stocks, with a volume of 1.1 trillion yen so far this year.
The Topix is not as well known as the Nikkei 225. The difference is that the Nikkei 225 is price-weighted, similar to the US Dow Jones. This means that the ‘most expensive’ stock in the Nikkei 225 index is more important than a stock trading at half the price. The Japanese Nikkei 225 is trading at the same level as in 2021.
This means that for three decades the Japanese stock market is finally trading in the black, or to put it more bluntly, it has taken Japanese stock market investors thirty years to break even, at least in nominal terms, without taking inflation into account.
Source: Viking stock exchange program
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