Some of the world’s best-known investors and the largest Wall Street banks almost agree that the Japanese stock market is the right place to be as its larger peers — the US and China — grapple with mounting economic headwinds.
Man GLG, JPMorgan Asset Management and Morgan Stanley are among those seeing more upside after the broad Topix index hit its highest level since 1990 this week. Stocks are overshooting levels dubbed the “iron coffin lid” as a return of inflation, rising shareholder returns and support from Warren Buffett boost the attractiveness of the world’s third largest stock market.
“Japan is currently my favorite global stock market. It gets everything it desires,” said Jack Ablin, chief investment officer at Cresset Capital Management, a Chicago-based investment advisory firm with approximately $60 billion under management. “We are about 50% overweight Japanese equities in our developed markets strategy.”
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