Viewpoint

People often say to me: "We have seen a few false dawns in Japan. Why do you think it is real this t...

People often say to me: "We have seen a few false dawns in Japan. Why do you think it is real this time around?" My answer is simple - company balance sheets are now healthy. The invalid, who was in a bad state five years ago, has recovered well and more recently looks a bit too rotund - too much cash is sitting there. A number of companies have started paying more dividends and some will buy back their own shares, and these companies are currently popular in the stock market. However, I have started thinking - wait a minute, it's all very well giving cash back to shareholders, but don'...