Japan long

1. The Japanese economy went through hell for 12 to 13 years. After 2003 the equity market has returned to normal.
2. The only thing that has not gone to normal is interest rates.
3. Best performing stocks Nintendo and Canon. Large caps with high export ratio
4. The Japanese economy outperformed the US and Europe in Q1, growing 3.3%.
5. This underscores the strength of the Japanese recovery and reinforces the expectation that the BOJ will raise rates.