Die besten Japan Aktienfonds
e-fundresearch: "What is your assessment of the current macro-economic situation in Japan?"
Hisae Toews, Investment Director for Japanese Equities, "Fidelity Funds - Japan Advantage A-JPY" (30.08.2011): "Since the March earthquake, the Japanese economy has
plotted a v-shaped recovery, as supply-chain disruptions were quickly resolved and production was brought back online ahead of schedule. As a result, Japan in isolation is recovering well and
corporate earnings are poised for a strong rebound in the second half of 2011.
However, the Japanese equity market has outperformed other developed markets, as Japanese equities are now extremely cheap relative to their own history on both asset and earnings based metrics and
are generally very under-owned.
History has shown time and again that market crises throw up opportunities to buy some excellent companies at severely distressed valuation levels. Currently more than 60% of Japanese companies are
trading below their book value. It has fallen several standard deviations below its normalized average. Furthermore, the Japanese market has lost its valuation premium, with the TOPIX now trading
on a forward PER of around 13x, which appears to have already discounted the negative near-term outlook.
Investors’ herding mentality fuels market sell-offs, but the manager believes that share price valuations eventually revert to the mean. Therefore, attractive investment opportunities are abundant
across the board in the current market environment."
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Tadao Minaguchi, Fondsmanager, "Invesco Japanese Equity Advantage A" (26.08.2011): "Die japanische Wirtschaft ist nach der Erdbebenkatastrophe vom März wieder auf Erholungskurs. Da der jüngste Höhenflug des Yen die Wirtschaft belastet, hat die Regierung an den Devisenmärkten interveniert, um die japanische Währung zu stabilisieren. Zugleich hat die Bank of Japan ihr Programm der umfassenden Liquiditätsversorgung um weitere 10 Billionen Yen aufgestockt. Solange die Weltwirtschaft nicht in eine zweite Rezession abrutscht, meinen wir, dass die japanische Wirtschaft und die japanischen Unternehmen ihre relativ starke Wachstumsdynamik aufrechterhalten können. Die Wirtschaft erholt sich von den Lieferkettenunterbrechungen im Nachgang der Erdbebenkatastrophe und profitiert von der Wiederaufbaunachfrage. Außerdem sind japanische Aktien weiterhin attraktiv bewertet."