Economic commentator Tomio Sugimura
“International money managers believe in toughness!”
● Net purchases of 1.84 trillion yen in the 2nd to 3rd week of January
The managers of international money are tough. The Japanese world of duty and humanity does not apply to them. According to a commentary from a major securities company, the reason for the onslaught of foreigners since the beginning of the year was “the Noto Peninsula earthquake.” It is a such a fool? In a normal sense, it would be normal for an investor to feel intimidated when looking at such a tragic situation.
But they were different. The Bank of Japan’s policy change will be postponed. As a result, the yen depreciates in exchange rates. It seems he decided so. In fact, in the first week of January, early in the new year, foreign investors were net short by 113.7 billion yen (spot and futures total), but in the second week it was 1,444.8 billion yen, and in the third week it was 398 billion yen. This is a ferocious net buying trend.
Of course, the reasons why foreigners are becoming more bullish include not only the effects of Japan’s revitalization strategy becoming more apparent, but also changes in the mindset of managers, the earning power of companies, a public-private joint strategy to regain 1x PBR, and the new NISA (small investment This may include the introduction of a tax exemption system), the return of manufacturing to Japan, a rush to build new semiconductor-related factories, and a recovery in inbound tourism.
Furthermore, the new East-West Cold War structure and the rise of nationalism (friend sharing -> supply chains for semiconductors, electric car batteries, etc. are completed only by the Western camp) are bringing “benefits” to Japan. This can be seen as a pattern that is the opposite of the end of the Cold War structure between East and West in 1989-1990, which triggered bashing, passing, and nothing.
After all, during the “lost 30 years,” Japan and its people all became poor. Household assets in the US (2.3 trillion yen) are 7.4 times that of Japan, and the market capitalization of the US market (7,560 trillion yen) is 8.4 times that of the Tokyo market. No, 30 years of political inconsistency and mistakes in monetary policy (deflation and neglect of the yen’s appreciation) have led to an irreversible situation.
The market capitalization of the Magnificent Seven (the top seven companies in the US market by market capitalization) is 1,862 trillion yen. It is twice the scale of the Tokyo market (1,658 companies are listed on the prime market).apple
●The movement to raise the market capitalization of Japanese companies continues!
No, it’s a very sad story. By the way, the market capitalization of the 7 Samurai companies (the top 7 companies in the Tokyo market by market capitalization) remains at 142 trillion yen. It’s only 1/13th of the Magnificent Seven. Of course, there is no need to worry. They claim that the market capitalization of Japanese companies has begun to rise.toyota motor vehicle <7203> [東証Ｐ]is tesla
Mitsui O.S.K. Lines with 190 yen dividend <9104> [東証Ｐ]Kawasaki Kisen has a market capitalization of 1.9 trillion yen and a dividend of 200 yen. <9107> [東証Ｐ]Its market capitalization remains at 1.7 trillion yen.Panasonic Holdings <6752> [東証Ｐ]is 3.4 trillion yen, Nomura Holdings <8604> [東証Ｐ]is 2.4 trillion yen. Mitsui O.S.K. Lines, Panasonic, and Nomura’s PBR is below 1x.
Many overseas funds have raised their share of Japanese stocks from underweight to neutral. This may be due to the fact that funds that were destined for the Chinese market are being diverted to the Japanese market. This can also be said to be a product of the new East-West Cold War structure (the United States prohibits investments in Chinese stocks such as public pension funds).
Coconara is a small item preferred by individual investors. <4176> [東証Ｇ]Smartphone support <9342> [東証Ｇ]、Ｇ－ＦＡＣＴＯＲＹ <3474> [東証Ｇ]is paying attention to. Coconara rose to a high of 2,899 yen (March 22) immediately after its listing in March 2021. However, after that it entered a long-term slump. It hit a low of 282 yen on August 17th last year.
During this period, sales increased fivefold. The forecast is for the fiscal year ending August 2019 to be 1,138 million yen, and for the fiscal year ending August 2024 to be 5,848 million yen (operating income is 10 million yen). However, there was little profit. This is probably the result of focusing on sales growth. However, from now on, the company will shift to a management system that takes profits into consideration (the company posted an operating profit of 97 million yen in the first quarter).
Diary January 26, 2024
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2024-01-28 00:15:00
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