Tokyo
AS bets pile up against Japanese stocks, investors with US$293 billion in client assets see the pessimism as a signal to buy. History is on their side. Short-selling on Tokyo's bourse jumped to the highest on record this month as the Topix index tumbled 7.7 per cent from a six-year high in September. Shares have rallied an average 9.7 per cent over the three months following surges in bearish bets since 2009, according to Bloomberg data.
For Sydney-based AMP Capital Investors Ltd, that's one reason for optimism. The outlook for company profits is another. Government-backed steps to put a floor under Japanese equities may prove dangerous for short-sellers: The central bank says it's ready...
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