1Q2012 Japan Commentary
As the Japanese equity markets enter the last week of the first quarter, the TOPIX has gained approximately 19.8% year to date. Translating this into U.S dollars, investors gain approximately 12% in returns year to date. The primary change moving the Japanese equity market has been the yen weakening approximately 8% from the end of 2011. General global stabilization and risk aversion abating have also contributed towards the markets recent moves.