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Japanese stocks were higher following a recovery in U.S. technology stocks overnight.
After underperforming earlier in the year, Japanese equities started rising in late August and should maintain strong momentum in the coming months. The Japanese economy's growth in the recovery quarter, Q2, was solid; and the full-year growth rate for 2021 is projected at 2.4%.
Japanese equities have long been overlooked by many global investors. The tide has begun to turn in 2021, but what will it take for Japanese value stocks to make a more sustained recovery?
au Jibun Bank Japan Flash Japan Composite PMI falls to 48.1 in May from 51.0 in April.
Japan's GDP contracted at an annualized rate of 28.8 percent in Q2 of 2020, the biggest decline on record. China has moved up the manufacturing chain and no longer needs Japan as much as it did
Warren Buffett's Berkshire Hathaway recently purchased 5% stakes in five Japanese general trading firms, known as sogo shosha.
In the immediate future, neither Japan's economic nor social policy is poised to be much affected by Abe's stepping down.
At 44.9, Flash Japan PMI signals a further steep drop in output during August. Downturn remains broad-based.
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