Ian Aylward has cut Aviva Investors' multi-manager exposure to US equities to an underweight position for the first time since 2011, fearing the stocks are deeply over valued.
Japan came out of a recession last year after two consecutive quarters of negative growth.
The managers of the Ruffer investment company have slashed their exposure to the US dollar on fears it is no longer fit to act as a hedge, and have moved into the Japanese yen instead.
Robert Horrocks, CIO of Matthews Asia
It takes a disciplined investor to put capital into small-cap companies they may never have heard of. Alex Dryden, global market strategist at J.P. Morgan Asset Management, looks at how small-cap stocks compare on a global scale
Top sector performers over 20 years
Germany's 10-year government bond yield slipped below Japan's for the first time on record today.
Japan's economic performance has been mixed - and vested interests are keeping wages down and the labour market tight, explains Hector Kilpatrick, CIO of Cornelian Asset Managers.
How MyFolio has coped with market volatility
Making investment predictions will be 'treacherous' in 2015 given the risks in the geopolitical environment, according to Ruffer investment directors Hamish Baillie and Steve Russell.