新人Akihiro murakami直接射到第二名。“供需条件是2013年的关键问题之一，”野村证券公司研究员争辩。他指出，自去年年底以来，海外投资者一直在吞噬日本股市，这是一个可能受到持续影响的趋势，受AIJ投资顾问有限公司的持续影响。(Kazuhiko Asakawa, president of the Tokyo-based money management firm, pleaded guilty in December to defrauding investors of nearly ¥25 billion [$263.3 million] in 17 pension funds.) Japan’s Ministry of Health, Labor and Welfare announced in September that it intends to abolish the employee pension fund system, but as of late March had not yet provided details or a time line for achieving its goal. “If the system is revamped, there could be major ramifications that cannot be ignored, such as vast amounts of pension assets being released onto the market,” Murakami says. “If investment in Japanese equities by nonresidents of this magnitude can be expected to continue, we think it would be sufficient to offset outflows of pension assets — as was the case in the period between 2002 and 2003, when the welfare pension portions of employee pension fund schemes were returned to the government.” However, the names Japanese pension funds own are not necessarily those that foreign investors want to buy. “My concern is the impact of future fund flows, focusing on the differences between nonresident investors’ and pension funds’ portfolios,” he explains. “Murakami-san is very good at talking about pretty complicated mathematical stuff in plain words,” observes one Tokyo-based client. “He always tries to be user-friendly by discussing the implications of theories and studies, rather than explaining theories and studies in too much detail.” —托马斯W. Johnson. |