Word: nikkei
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...Japan's sapped economy and bruised ego, there's a lot at stake. The Japanese have laid out $4.5 billion for new facilities, three times what France spent for the whole show. Sure, the Nikkei is lower than a striker who just shanked a penalty, but football has nearly ousted yakyu (baseball) as Japan's national pastime, and the country boasts more players in the premier European leagues than any other Asian nation. South Korea, too, is out to prove it belongs on football's greatest stage. A five-time participant in the finals, South Korea has never made...
...Japan, the dashing, outspoken Prime Minister with the finely tuned coif is in trouble. When he fired popular Foreign Minister Makiko Tanaka last month under pressure from anti-reform conservatives, his approval rating plunged 20% from last year's high of 80%. As confidence in his leadership sagged, the Nikkei stock average hit an 18-year low. "If he wouldn't support her, it's unlikely he'll make any other bold moves," concludes Masatoshi Sato, a senior strategist at Mitzuho Investors Securities in Tokyo...
...past decade could pick up truly dangerous speed: at the very least, Japanese thought - both collectively and individually - they could live a long time on the savings accrued in better times. Maybe not. And then earlier this month, two numbers that were never again supposed to cross - the Nikkei and Dow industrial average - converged when the Japanese index dropped below the Dow - portending finally, truly, absolutely, that Japan was now back where it started - trailing the West...
...Nikkei could slip below the Dow Jones industrial average for the first time in 44 years--a historic crossroads that drives home just how brutal Japan's 12-year bear market has been and how thoroughly economies can change. At the Nikkei peak the Dow was at just 2,753, trailing its Pacific rival by an astounding 36,163 points. Now, as the Nikkei sheds fur like a sheepdog in spring, the unthinkable is coming to pass: parity. The two trade near...
What's going to stop the Nikkei plunge? At some point its value stocks will become too attractive to ignore. Japanese stocks are now two-thirds cheaper than U.S. stocks, based on price-to-sales (0.5 vs. 1.5) and price-to-book (1.5 vs. 3.3) ratios. Because earnings are so depressed, the price-to-earnings ratio on many stocks seems high--in the 20s or 30s. Still, some believe that the Japanese market represents the best deep-value play in a generation. For that reason Cyril Moulle-Berteaux, who runs an institutional fund for Morgan Stanley, has his most aggressive...