Denis Clough of Schroders is sceptical that Japan is dragging itself out of its bear market in the s...
Denis Clough of Schroders is sceptical that Japan is dragging itself out of its bear market in the short term. "We are seeing strong profits and cash flow boosting capital expenditure. Growth forecasts have risen, but nominal growth will remain weak," he said. "We have seen a spectacular surge upwards in forecasts for 2003 and for next year. But is it different this time? It doesn't look different to the cyclical pick-ups we've had in the last 10 years." What is different, said Clough, is hard evidence of corporate restructuring. "Restructuring has been the principal driver of earnings gr...
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