HFM Columbus: Japan entering a new revival phase

Pemberton attributed this optimism to companies benefiting from Pan-Asian growth and continuing to post double-digit earnings, the property market bottoming out and the ultra-cautious stance of the banks which have minimised sub-prime exposure. He revealed: "We are now seeing all the signs of a market offering good value for potential investors. The forward P/E is around 14x, pretty much the same as the S&P 500, price to book is around 1.5x whilst the dividend yield is above the 10 year bond yield which is traditionally a bullish sign." Pemberton continued: "The consensus is that Japan...