Is Japan still a contrarian call?

John Millar, fund manager, Martin Currie Towards the end of the year, opinion shifted. A recent Bank of America Merrill Lynch survey suggests substantial buying in December has had a considerable impact. With the underweight position closed out, global investors now hold a slightly positive position for the first time since May last year. So, underweight Japan is no longer the consensus view. December's buying appears to have come as investors started to appreciate the risk of being underweight in a market that offered low valuations and good corporate execution as the threat of furthe...