Land of the rising fund?

The dull economic backdrop in Japan masks bright and compelling value opportunities

The Japanese economy seems fated to spend 2008 in the doldrums, much as it has done for previous years. Indeed, the International Monetary Fund reported on 22 May that the Japanese economy will grow this year at its slowest rate for five years as the result of lower global growth, and rising energy and commodity costs. Other indicators, including the Japanese Tankan business survey, have only confirmed this. And yet, seemingly in defiance of this moribund outlook, the Nikkei index of Japanese stocks has risen over 19% to date from its 2008 low on 18 March, matching the returns of some pan-A...