The below links are in English.
Japan: land of the rising sharemarket (1/13/2017) | @ComminsP @FinancialReview の一部抜粋及び抄訳を以下貼っておきます。
You may be surprised to hear that the best performing sharemarket in the developed world over the past six months is Japan’s. And strategists reckon there’s more where that came from in 2017.
The words “blockbuster growth” and “Japan” are rarely used together in the same sentence. …
But economic growth and sharemarket returns often bear little relation to each other. …
…earnings – and share prices – typically receive a boost as the currency falls. And with the US-dollar exchange rate trading in a range of ¥115-¥118… @GaveKal…
…not enough to push the yen price of imported commodities up to painful levels…（円安は…輸入コモディティの日本円での価格を痛いというほどのレベルまでには押し上げていない…）
That has helped spark the 23 per cent surge in the Japanese sharemarket over the past six months. “That strength is set to continue into 2017, with the Tokyo market remaining well bid on the back of a monetary policy stance that the Bank of Japan will find it hard – even impossible – to retreat from.”（この円安で過去６ヶ月に株価が23％上昇した。2017年も引き続き上昇傾向にあり、東京市場は金融緩和に支えられているので日銀は緩和から撤退できない。）
文中参考： Bank of Japan Introduces Yield-Targeting Resime for Government (9/21/2016) | @Tim_ber_wolf @FinancialReview
…even as global bond yields climbed at an alarming rate, Japan’s government bonds, or JGBs, remained pinned at zero per cent.（…グローバル債の債券利回りが異常に上昇していても、日本国債の利回りはゼロのままである。）
“Against a backdrop of rising long rates elsewhere in the world, this policy trap has significant implications for flows out of the yen and into foreign currency asset markets, as well as for the Japanese equity and real estate markets,” Newman writes. “These outflows have added to depreciation pressure on the yen.”（日本以外の世界での長期国債の利回り上昇を背景にして、この(10年物)国債利回りのゼロ％程度への誘導政策は、日本の株式市場と不動産市場に対するのと同様に、日本円から流出する外貨建資産市場に対しても重大な含蓄を持っている。”この流出は円安圧力に加勢してきた。”）
…Morgan Stanley…
…a “double upgrade” of the Japanese sharemarket: from an underweight to overweight position. … …plenty of solid appetite for Japan’s equity market, including from big government players such as the BoJ and the national pension fund, or GPIF.
…a combination of renewed re-engagement from foreign investors coupled with equity and ETF purchases from the GPIF and BoJ, respectively, that are equivalent to around 2 per cent of market capitalisation…（GPIFと日銀からの株式とETFの購入、そして、外国人投資家による買いが組み合わさって、株価が上昇し得る。これらは、(一部上場全銘柄)時価総額の約2％に相当する…）
…aggregate earnings per share in Japan will jump 24 per cent…a 16 per cent climb in the Topix index to 1800 points.
… The world economy certainly has built a head of steam, and Japanese businesses are firmly tied to the cyclical uplift. …（…循環的上昇…）
“About 14 per cent of Japanese company profits come directly from North American-based production and so should benefit from Donald Trump’s promise to dramatically cut US corporation tax rates,” Newman says. “Japan, which sells about 45 per cent of its offshore production in the US, is well placed to deal with a more ‘de-globalised’ world.”（日本企業の約14％の利益は北米での生産から直接来ているので、ドナルド・トランプの劇的な法人税引き下げ公約の恩恵に与る。日本は海外生産の約45％をアメリカで販売しているので、脱グローバル化した世界に対応するのに有利である。）
…the easiest way to play the Japanese theme is via the the currency-hedged Betashares WisdomTree Japan exchange-traded fund. The ETF tracks a “smart beta” fund, which applies some mechanical rules to put together a portfolio of the biggest Japanese listed names, and has an inbuilt tilt towards exporters. …
…a sharemarket that comes to be seen by offshore investors as primarily a currency bet does not make for a great long-term investment, and leaves your investment vulnerable to a sharp rebound in the yen. …
…125 yen…
