Japan, the true winner

Last Friday inflation data show that the long lasting phase of growth is eventually passing to consumers. Marketwise, it should be noted that in the last few weeks Japanese equity markets has behaved rather independently on abrupt moves in the Us, a sign, in our opinion, that investors perceive it as a possible safe haven. Yen appreciation against dollar has not stemmed the fall in exporters some analysts were predicitng, as Japan is increasingly moving its export base to China. Possibly the equity market that will behave best in 2008, while western world adjusts from worst credit crisis since 1929.

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