a registered securities dealer under the Financial Instruments and Exchange Act in Japan; is distributed in Hong Kong by Merrill Lynch (Hong Kong)
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rebuilding of Europe and Japan) may not be repeated
leading to rising pressure for the Bank of Japan to engage in further
Japan; the Japan Securities Dealers Association; and the Type II Financial Instruments Firms Association. The product/service may not be offered or sold
simple average of past 43 quarters) — Japan equities have outperformed during bear-steepening led by
of which the majority are from financial institutions with Japan
a registered securities dealer under the Financial Instruments and Exchange Act in Japan; is issued and distributed in Hong Kong by Merrill Lynch (Hong Kong) which is regulated
and lay the foundations of Japan’s recovery.
it seems fair to assume that Japan will be expected to
in Yamaguchi prefecture; and third a potential trilateral summit between Japan
the Japan equity market saw continued preference for deflationary stocks
Japan equities tend to be the winner on a local currency basis
banks and insurance stocks (Exhibit 4). Resurgence in the “Japan macro trade”
but any downward spiral in Japan-US relations would likely be further
we expect Japan to move closer to Europe under