Since it is more informative for Cassandras to peer in to the future, than dwell upon the past, what next? I would be well-surprised to see index levels lower, or the yen higher, into calendar year end. In fact, if there were a comparative measure of bang-for-proverbial-buck in allocating more to existing to positions to capture the rather obvious year-end spoils dangling dangerously low, Japanese equity, expressed in all its forms, would rank rather high indeed and present some of the most compelling opportunities for monkey business.
Tuesday, November 12, 2013
Happy Anniversary Japanese Bull Market
Since it is more informative for Cassandras to peer in to the future, than dwell upon the past, what next? I would be well-surprised to see index levels lower, or the yen higher, into calendar year end. In fact, if there were a comparative measure of bang-for-proverbial-buck in allocating more to existing to positions to capture the rather obvious year-end spoils dangling dangerously low, Japanese equity, expressed in all its forms, would rank rather high indeed and present some of the most compelling opportunities for monkey business.
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Some additional thoughts
1) The reduction on capital gains and dividend taxes expires at year-end, and they will rise from 10% to 20% in the new year. (Should I bed and breakfast, or hold? - I hate doing tax-related adjustments, but what will be the reaction of other market participants.)
2) The new year also brings the Nippon ISA (NISA): tax exemption for 5 years (with a rollover option) on Japanese share investments of ¥1 million p.a. This scheme will last for 10 years. (I am thinking of the way UK ISA accounts morphed over the years.)
3) There are still some Japanese companies selling at attractive prices; Bulldog Sauce isn't one of them!
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