Japanese Equities

An indispensable resource for anyone wishing to understand and successfully invest in the Nikkei.

Recent years have seen steady growth in investor interest in the Japanese equity market, the second largest in the world. Japanese Equities describes how the Nikkei works, explains its driving factors and presents a collection of insightful case studies to help you successfully invest in the market. Author Michiro Naito, a former equity derivatives/quantitative strategist for J.P. Morgan Securities Japan, helps you understand the ups and downs of the market and capitalise on its money-making opportunities.

Already a substantial part of many equity investor portfolios, the Nikkei exhibits characteristics that respond more sensitively to global economic conditions than other developed markets. This valuable book helps you grasp the idiosyncrasies of the market and correctly time investing decisions to maximise profits. This English translation of the original Japanese book includes additional chapters discussing recent political developments that influence the Japanese economy such as the re-election of Prime Minister Shinzo Abe, the trade policies of Donald Trump (the US-China trade war) and the difference in monetary policy between the Bank of Japan and the FED. This book: 

• Offers a simple quantitative strategy to take advantage of the cyclical trends and repeating patterns of the Nikkei to attain desirable returns
• Explains how derivatives instruments affect the equity market, which is seldom covered in textbooks
• Highlights a quantitative approach supported by solid historical back-tests
• Discusses fundamental and technical factors that underlie the movement of the Japanese equity market
• Provides insights drawn from the author’s decades-long research and experience working in the securities industry

Japanese Equities: A Practical Guide to Investing in the Nikkei is a must-have text for investors, hedge fund and pension fund managers, academics, researchers and students of international finance. 

MICHIRO NAITO was as an equity derivatives/quantitative strategist for J.P. Morgan Securities in Japan from 2004 to 2017, specializing in Japanese equities. He previously worked in the US as an investment analyst for Teacher Retirement System of Texas, as a convertibles analyst at Merrill Lynch Japan and as an equity derivatives strategist at BZW Securities Japan. He holds a Ph.D. in theoretical nuclear physics from the University of Texas at Austin.

PRAISE FOR JAPANESE EQUITIES "100% rallies and 50% crashes, this book takes us on a roller-coaster ride that is the Nikkei. It provides unique insight into both the macro- and micro-structure of the modern Japanese equity market from a real practitioner's perspective and should be required reading for portfolio managers, equity and derivatives traders, risk managers or anyone involved with Japanese equities. Its greatest contribution is separating the noise from the signal, and clearly identifying the drivers that move the market, be it the BoJ, GPIF, the greed and fear of investors, leveraged ETFs or large structured product positions. By codifying the rules, it hands us a rare map to successfully navigate the market." --Peter Veres, Executive Director, MSCI "This book unlocks the mysteries of the Japanese equities market for investors of any level of experience. Michiro Naito lays out a map of investing for the reader, filtering out irrelevant noise and focusing on indicators and signals proven to be effective for the Japanese market. As the global markets face an increasing amount of uncertainty, this book provides guidance like no other for the world's second largest equities market." --Hayato Ono, former Derivatives/Quantitative Strategist, J.P. Morgan Securities Japan "Among thousands of books written on the Japanese stock market, Japanese Equities: A Practical Guide to Investing in the Nikkei stands out by its thorough data analyses and meticulousness in isolating events that truly affect the share price movements. Indeed, I do not know a book that examines the relationship between various economic indicators and the Japanese stock market over such a broad range and long term as this book. Dr. Naito's work is not only essential to understanding the modern-day Japanese equities market, but also a must-read for anyone interested in the stock market in general." --Hiroshi Hanaoka, Chief Editor, Kinzai Corporation

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