2009/06/29　　281

Is now the time to buy or sell long-term government   bonds ? The U.S. will not repeat Japan's "lost decade"

2009/04/17　　280

The animalistic spirit is back. Be prepared for a sharp   rise in stock prices. The pessimists have been proven wrong.

2009/02/18　　279

The Scenario for a Market Revival in 2009

2009/02/02　　278

How should we view the dollar system ?- All questions   lead to the dollar

2008/11/20　　277

The 2009 scenario for the return from depression fears

2008/07/02　　276

Japan must create a means of valuing the Earth

2008/05/30　　275

The Next Economic Trend is Global Coupling Centered on   China

2008/05/22　　274

No Change in “Golden Scenario” – Nikkei Average Headed for ¥20,000

2008/01/31　　273

The end of the negative cycle of fear – Looking ahead to a V-shaped recovery

2007/12/12　　272

Post-Subprime Loan Crisis Economic and Market Outlook   for 2008 - A rare opportunity to buy Japanese stocks at very low prices

2007/08/31　　271

Consequences of the subprime debacle     A shift of funds from credit instruments   to equities

2007/06/05　　270

S&P500 record highs& US savings deficit fallacy

2007/05/25　　269

Japan's quadruple lows

2007/05/11　　268

Global stock boom and questions on Japan's lag

2007/03/06　　267

Market decline merely a speculative sell-off

2007/01/04　　266

Knightian uncertainty and Japan share-price revolution   in 2007

2007/12/05　　265

2007 could see "" golden scenario" come   to fruition

2006/10/26　　264

Fallacy of US as a debtor nation

2006/10/04　　263

Abe's to-do list for the economy

2006/08/23　　262

Economic Theories: No one has it right

2006/06/27　　261

Why have US stopgap measures been successful ?

2006/06/15　　260

Share price softness may be acting as automatic   stabilizer

2006/05/17　　259

Arguments for lower dollar flawed in our view

2006/04/14　　special

Exporters merit attention; recommending 32 stocks

2006/04/14　　258

Focus on select export companies

2006/04/03　　257

Global growth back as a FY06 investment theme

2006/03/17　　256

Outlook for the economy and the markets in 2006

2006/03/08　　255

Possible scenarios after US rate hikes end

2005/12/21　　254

"Golden scenario" for stock market in 2006

2005/12/08　　253

Markets to test golden scenario

2005/11/17　　252

Interest rate arbitrage revives

2005/10/14　　251

Optimized asset allocatio

2005/10/06　　250

Share price revolution now underway

2005/08/03　　249

China's economy: Headed for a major adjustment

2005/06/29　　248

A new round of ' Japan leads, others follow' analysis; bubbles in the equity, real estate, and bond markets are a global trend

2005/06/03　　247

China's economy: Headed for a major adjustment

2005/05/18　　246

US equity valuations and risk premiums: The end of the   speculative boom

2005/04/22　　245

New economic reality with depressed share prices

2005/03/23　　244

The drunken euphoria of the US economy: Start preparing   for steep rises in interest rates

2005/02/10　　243

Financial, rather than real, economy likely to offer   the better chances

2005/01/12　　242

Japan's low interest rates in a new light: Investment   opportunities under deflationary equilibrium

2004/12/21　　241

Excess dollar liquidity puts stocks, bonds at odds with   one another in 2004, to remain key theme in 2005

2004/12/02　　240

Value, not growth, should be criterion for buying   Japanese stocks in 2005

2004/11/10　　239

Will the 'empire premium' stick?

2004/10/27　　238

Investor's fear removal of moral hazard insurance， not Kerry victory

2004/10/26　　237

The nature of Japan's corporate groups hampers profit   assessment, transparency

2004/10/25　　236

Japanese stocks' curious weakness could be a precursor   of a worldwide bear market

2004/09/16　　235

End of technical rebound primes global stock markets   for descent

2004/08/23　　234

Demand slows while production levels remain high : the   risk of unintended inventory growth

2004/08/16　　233

Likelihood of 2005 global recession mounting: short   stocks, go long bonds

2004/07/09　　232

Accepting low growth paradigm only option: 2H stock   slide unavoidable as US recovery stumbles

2004/07/05　　231

End of global liquidity － driven   market and relative advantages of Japanese equities

2004/06/23　　230

Giddy with FY03 corporate profit jump investors overlook risk of decline in   FY04

2004/06/14　　229

Oil forces Greenspan’s hand: Flexibility of monetary   tightening now lost

2004/05/20　　228

Bursting of US， Chinese economic bubbles would cause global recession,   end Japanese recovery

2004/05/10　　227

Global stock let down on all fronts －   Greenspan's lack of patience likely to deal deathblow

2004/04/19　　226

Global stock markets gradually forming topping   formation

2004/03/05　　225

Changing our outlook － Japanese   equity may have embarked on secular uptrend .

2004/02/24　　224

Stock market rally losing momentum Best news already behind us

2004/02/06　　223

High US stock prices likely to be hit by distortions in   cash flow

2004/01/28　　222

When will US stocks peak? Focus on similarities with   Japan in 1996

2003/12/19　　221

lnvestment strategy of 2004: Prepare for end of bear   market rally and drop in global stock prices

2003/12/09　　220

US financial system signaling credit cycle end: early   warning of equity price collapse in 2004

2003/11/18　　219

Have Japanese stocks peaked？

2003/11/05　　218

Stock market has begun to look beyond current rally

2003/10/17　　217

Investors becoming increasingly cautious as they look   ahead at US economy after tax cuts

2003/10/06　　216

Limitations of any Japan-US currency understanding;   bottleneck on demand side of real economy

2003/09/19　　215

Ten possible surprises in 4Q 2003; investors ignoring   too many negative factors

2003/09/05　　214

Bottleneck for bull market: US consumers' wallets may   be empty for Christmas shopping season

2003/08/05　　213

Curtain falls on 'seaside resort market'

2003/07/30　　212

lnvestment strategy at a significant turning point

2003/06/25　　211

Bond price plunge signals tidal change;   best-of-two-words market at an end

2003/06/17　　210

Liquidity-driven global markets have low ceiling

2003/05/30　　209

Implications of shift in US currency policy

2003/05/20　　208

Resona   nationalization means stock bottom now realistic, Takenaka reform   alive and well

2003/05/16　　207

Bond socialism' versus 'stock capitalism －Can   stocks break free of unfair competition？  

2003/05/08　　206

We Shelve "deflationary equilibrium" scenario   in favor of "creative   destruction"

2003/04/23　　205

Market out of touch with logic: Only reform can arrest   share price decline

2003/04/11　　204

Gathering clouds: Secular bottom scenario no longer   realistic; Nikkei recovery to 10,000 increasingly elusive

2003/03/31　　203

Is this Japan? Reform setbacks could delay the market's bottom

2003/03/13　　202

Conditions still not right for a market bottom

2003/03/10　　201

Can corporate profits be protected in a   deflationary economy?

2003/02/25　　200

Global stock markets present disparate picture:   Japan favoured， but   conditional on bank reform

2003/02/14　　199

The road ahead after lnflation Plateau and Bubble   Mountains; Japanese stocks' pluses

2003/01/31　　198

Depression and deflationary equilibrium: Special nature   of Japan's crisis

2003/01/15　　197

Ricardian specialization does not argue for a weak yen

2003/01/09　　196

2003 nightmare scenario: Banking sector reform could   end up on the backburner

2003/01/08　　195

Deflationary equilibrium supported by a corporate   earnings bottom is more likely than depression

2002/12/17　　194

Market outlook for 2003: mild recovery under   deflationary equilibrium

2002/12/16　　193

Analysis of Japanese product competitiveness with Asia

2002/11/29　　192

Higher share prices amid deflation? Yes, from 2003

2002/11/18　　191

Conditions for a bottoming of stock prices: modest   expectations and bank reform

2002/11/05　　190

Coming era of global deflation and stock valuation;   Upside for Japanese equities in 2003

2002/10/29　　189

Banking reform and share prices: The foreigners'   perspective(from the APEC Summit in Los Cabos)

2002/10/22　　188

Investing in Japan equities during deflation: focus on   companies with steady cash flow

2002/10/15　　187

Japanese stocks looking increasingly cheap: stock   valuation in Japan-led era of deflation

2002/10/07　　186

Increasing polarization into two-tier market

2002/10/01　　185

A solution to the bad debt problem may be at hand

2002/09/26　　184

Amid growing risk of global recession， BOJ   initiative sets stage for Japan revival

2002/09/18　　183

Standstill turns into plunge: Start of autumn market   reflects investors' fears of worldwide recession

2002/09/02　　182

Asia holds key to corporate profits: Contacting   Europe/US､   expanding Asia

2002/08/16　　181

The US and Japan －which will fall first?

2002/08/07　　180

Paradigm shift could accompany 2003 global   recession ～Changing   global capital flow benefits Japanese equities～

2002/07/26　　179

Dangerous portfolios

2002/07/24　　178

With a worldwide recession looking possible, global   money likely to flow into Japanese equities

2002/07/03　　177

Japan frontrunner or laggard? －Argument   for reform likely to be shattered by worldwide crisis

2002/06/21　　176

What had to happen is happening; market's message loud   and clear: Prepare for worst

2002/06/17　　175

Critical analysis of bubble economy －How did   US bubble form and burst?

2002/05/30　　174

Flow of global funds is changing －   has the strong dollar since 1995 come to an end？

2002/05/28　　173

Is the rationale behind the rise in stock prices   essentially and excess liquidity-driven money game?

2002/05/13　　172

Cyclical theory is losing its significance

2002/04/26　　171

Impatient yen sellers beware!

2002/05/08　　170

A capitalist revolution: a plan for saving the Japanese   economy; presentation to the 21st　Century Policy Forum

2002/04/11　　169

With deflation, and not inflation, global excess   liquidity likely to flow into bonds, not stocks

2002/03/29　　168

Deflation remains market focus: economy's breather not   recovery, drives market

2002/03/11　　167

Feared March crisis averted   －bear market rally likely from March to June

2002/02/21　　166

Expectations of cyclical recovery on verge of   collapse   - economy probably headed for March crisis                                               

2002/02/08　　165

Merciless rationality of resurgent capitalism spells   end of free-lunch economics

2002/01/30　　164

Deflationary policy in times of reform   － Koizumi needs to change deflationary policies

2002/01/23　　163

Global investors' perception of the Japanese market

2001/12/21　　162

Corporate profit set to fall again in FY2002

2001/12/12　　161

Investment strategy ahead of likely economic crisis in   2002

2001/12/04　　160

Diehard Japan - Premature expectations of the yen's   demise could be risky

2001/11/28　　159

Bank nationalization increasingly likely - Koizumi   warming to partial nationalization

2001/11/22　　158

Prime minister could pull off coup with his "top-down,   all-or-nothing" attitude

2001/11/14　　157

Is Koizumi a Thatcher, a Gorbachev or neither? JH reform to be litmus test

2001/10/30　　156

From cyclical to distributional arguments - lower   labour share crucial in Japan and US

2001/10/23　　155

No rerun in Japan of excess liquidity-driven market to   escape from doldrums

2001/10/18　　154

US economy at historic turning point - Greenspan losing   his magic

2001/10/12　　153

A welcome growing likelihood of bank nationalization

2001/09/27　　152

Crisis of reform requires immediate drastic action on   bank nationalization and inflation

2001/09/17　　151

Terrorist attacks and financial crisis overawe markets

2001/09/12　　150

Life with the Nikkei below 10,000

2001/09/04　　149

Japan needs inflation...and higher interest rates

2001/08/28　　148

Three scenarios for the global economy following the IT   bubble

2001/08/16　　147

Past policy of propping up weak companies now coming   home to roost

2001/08/14　　146

Restructuring: revival and survival - another   structural reform with nothing sacrosanct

2001/07/24　　145

Unconventional steps required to head off serious   worldwide recession

2001/07/11　　144

Koizumi reform and wrong policy mix

2001/07/02　　143

Japan's bad debt problem threatens US economy

2001/06/28　　142

Our verdict on Koizumi's strict reform course

2001/06/08　　141

Mr. Koizumi's mission under the risk of depression

2001/06/04　　140

Corporate earnings deteriorating quickly

2001/05/30　　139

Cyclical rebound unlikely: Deflationary pressure to   increase under Koizumi reform course

2001/05/15　　138

Koizumi reform course to accelerate deflation; our   scenario: yen, bonds to firm, stocks to drop

2001/04/25　　137

Cyclical rebound or creative destruction? - Reform   drive likely to gain speed under a Koizumi cabinet

2001/04/18　　136

Be prepared for personal asset losses - could happen   for third time in modern Japan

2001/04/12　　135

Secular stock bottom possible in FY 3/02 - Conditions:   financial reform and reflation

2001/04/03　　134

No rerun of spring 1999 rebound in stock prices

2001/03/22　　133

Outlook for the global economy and stock markets

2001/03/13　　132

Is America's bubble headed for a Japan-style rupture?

2001/03/02　　131

Japan's unique deflation and stock prices

2001/02/15　　130

Recession to trigger exodus from old-yen assets

2001/02/01　　129

Corporate governance reverting power to shareholders

2001/01/22　　128

Revitalization of banking sector would give stocks a   boost

2001/01/11　　127

US stocks at critical juncture, Japan calm due to lack   of action?

2000/12/20　　126

Creative destruction seen emerging in 2001

2000/12/19　　125

History is rewritten by the victors: bad Clinton legacy

2000/12/07　　124

Lindsay's speech and LDP's shift to reform policy

2000/12/05　　123

Financial instability to spring from declining stock   prices

2000/11/15　　122

Greenspan mythology undermining its own effectiveness

2000/11/02　　121

Bogus economic statistics and accounting shenanigans

2000/10/17　　120

Stock-driven economic alchemy fails

2000/09/26　　119

Mini-oil shock deals stocks a l-2-3 punch

2000/09/13　　118

Stock market dead end imperils US soft landing

2000/09/04　　117

Overlooked limits of financial stability

2000/08/15　　116

Exports to Asia less favorable

2000/07/28　　115

Twenty-month economic watershed ahead

2000/07/19　　114

Logical policies to reignite financial instability

2000/07/07　　113

The illusion of an lT-driven recovery

2000/07/06　　112

Long-term factors weigh on share price levels

2000/06/09　　111

Recovery hinges on continuing lT boom

2000/05/17　　110

S＆P/TOPIX150 sector analysis

2000/05/11　　109

Harder landing in US

2000/04/28　　108

G7 makes new investment framework clearer

2000/04/14　　107

Doubts about old economy rally

2000/03/23　　106

Pitfalls of sustained recovery scenario/Tokyo Market   reaches watershed

2000/03/02　　105

US slowdown to hinder Japan recovery

2000/02/22　　104

Ephemeral US market strength imperiled

2000/02/16　　103

Our strategy and European investors

1999/12/28　　102

"Creative destruction" in 2000

1999/12/21　　101

After the tech rally －   re-examining value stocks

1999/12/10　　100

Justifying excessive valuations

1999/12/02　　　99

Forex and tech likely to cool sentiment

1999/11/30　　　98

Unwinding of cross-shareholdings accelerates

1999/11/16　　　97

Indian summer for stocks, economy

1999/11/02　　　96

The way out of financial socialism

1999/10/18　　　95

End of liquidity driven market in sight

1999/10/13　　　94

New York market trouble could spread to Tokyo

1999/09/22　　　93

Little likelihood of sustainable earnings recover

1999/09/20　　　92

High yen likely to invite creative destruction  

1999/09/07　　　91

Equity bubble posing increasing risks

1999/08/16　　　90

Excessive Japanese savings again a problem

1999/07/29　　　89

Turnaround in forex-market sentiment

1999/07/06　　　88

Financial strategies behind US equity bubble

1999/06/28　　　87

Fed focuses on overheated consumption， equities

1999/06/17　　86

Logic behind weak equities and strong yen

1999/06/07　　　85

Shift to defensive portfolio

1999/05/25　　　84

Focus shifting back from liquidity

1999/05/17　　　83

Risks entailed by two huge deficits

1999/05/06　　　82

Risks inherent in liquidity-driven market

1999/04/19　　　81

No obvious end to excess liquidity

1999/03/31　　　80

Increasing risk of global deflation

1999/03/24　　　79

Rally dependent on excessive global liquidity

1999/03/12　　　78

Expectations of inflationary policy misplaced

1999/03/02　　　77

Increasing risk of competitive currency devaluations

1999/02/22　　　76

Excessive expectations of inflationary policy

1999/02/15　　　75

Financia indicators point to deepening crisis

1999/02/05　　　74

Unwarranted optimism on supply-demand

1999/01/29　　　73

Authorities regress to ”"denial " phase

1999/01/28　　　72

Strong yen exacerbates Japan's problems

1999/01/13　　　71

Strong yen exacerbates economic crisis in Japan

1998/12/24　　　70

Although painful， high yen could trigger reform

1998/12/08　　　69

Financial socialism versus capitalism

1998/12/04　　　68

World financial crisis and Japan's economy

1998/11/19　　　67

Japan lags reforms pursued by rest of Asia

1998/11/11　　　66

Earnings plunge, critical loss of confidence

1998/10/29　　　65

Building a firewall around Japanese economy

1998/10/06　　　64

The equity market during economic crisis

1998/09/29　　　63

Saving private Japanese banks

1998/09/22　　　62

Strong dollar positive for world economy in long term

1998/09/07　　　61

1990s emerging-market boom ends in Russia

1998/09/02　　　60

Defensive strategy recommended

1998/08/24　　　59

From poor to rich， polarizing the world economy

1998/08/05　　　58

Danger of a 2000 recession

1998/08/07　　　57

Restructuring of industry the key to recovery

1998/08/04　　　56

Economy approaching historical turning point

1998/07/22　　　55

Destruction of old order or long-term decline

1998/07/01　　　54

US as anchor of world economy  

1998/06/29　　　53

Sumitomo Trust/LTCB merger part of easy solution

1998/06/24　　　52

Japan-China Politics embroil US

1998/06/17　　　51

BoJ hostage to moral hazard

1998/06/15　　　50

Japanese banking system failing

1998/06/08　　　49

Currency reserves offer little protection for van

1998/05/22　　　48

Risks of earnings collapse, deflationary spiral』

1998/05/12　　　47

Market demands decisive policy action

1998/05/04　　　46

G7,1MF focus on Japan crisis

1998/04/20　　　45

Japan lags in tackling economic crisis

1998/04/14　　　44

Government intervention shifts to forex

1998/04/07　　　43

No recovery in Asian growth yet growth yet

1998/03/26　　　42

Forex liberalization to release flood of funds

1998/03/19　　　41

Sharp market downturn in Apr-Jun

1998/03/03　　　40

Tax cut would boost activity， promote   structural reform

1998/02/26　　　39

Large-company changes could boost OTC market

1998/02/25　　　38

G7 heralds renewed international friction

1998/02/09　　　37

Taxpayers and BOJ shoulder cost of bad loans

1998/02/06　　　36

Market direction highly policy dependent

1998/01/19　　　35

Sizeable fiscal stimulus package likely

1997/01/12　　　34

Asian confidence crisis

1997/12/19　　　33

Jaden must face risk of full-scale depression

1997/12/17　　　32

Hashimoto shoots his last arrow

1997/12/11　　　31

Asia paying the cost of over investment

1997/11/27　　　30

Emergency BOJ loans balloon as crisis deepens

1997/11/19　　　29

Little help likely from policy

1997/11/14　　　28

Japan likely to be sold in third phase of Asian crisis

1997/11/13　　　27

Current conditions similar to late 1920s

1997/10/30　　　26

Japan could be sucked into Asian currency crisis

1997/10/24　　　25

Long-term portfolio of quality companies

1997/10/20　　　24

Pressure building for eleventh-hour pump-priming

1997/10/09　　　23

September Tankan fuels fears of recession

1997/10/09　　　22

October focus: small-and medium-cap stocks

1997/10/01　　　21

Japan the focus of Hong Kong G7 meeting

1997/09/19　　　20

Doubts over economic growth in Asia

1997/09/05　　　19

Japan: a financial anomaly

1997/08/28　　　18

Corrections in New York markets only temporary

1997/08/26　　　17

Time to abandon wishful thinking

1997/08/19　　　16

Credit crunch despite ultra-loose monetary policy

1997/08/12　　　15

1997 second half projections: Economic sluggishness,   falling share prices, a weaker yen， and low interest

1997/08/04　　　14

Currencvt turmoil likely to slow Asian growth and   result in correction of overvaluation

1997/07/29　　　13

Corporate earnings threatened by twin specters of   declining sales growth and falling profitability

1997/07/23　　　12

Risks of yen appreciation remains， but the   currency likely to weaken over the long term

1997/07/03　　　11

The best is over

1997/06/24　　　10

lnvestment strategies for the Big Bang era

1997/06/13　　　　9

The exchange rate is an indicator, not an instrument

1997/06/05　　　　8

The impact of stock options

1997/05/29　　　　7

Stock market returns to reality

1997/05/26　　　　6

Thai currency crisis and Japan

1997/05/13　　　　5

Rallies by yen and equities unsustainable

1997/05/02　　　　4

Further downward pressure on yen

1997/04/25　　　　3

Too early for value plays

1997/04/21　　　　2

Tokyo Big Bang begins

1997/04/09　　　　1

Low rates incompatible with stable currency

1997/02/28　　　　-

Still too early to call the corner - Risk of a weaker yen looms large -

1997/02/10　　　　-

G7 declaration unlikely ri reverse dollar's course -G7   bereft of means to implement stated policy-

1997/02/03　　　　-

Underlying the fall in share prices & currency

1997/01/24　　　　-

Market turmoil demands change in the poliy mix