http://www.bloomberg.com/news/articles/2016-04-24/the-tokyo-whale-is-quietly-buying-up-huge-stakes-in-japan-inc
They may not realize it yet, but Japan Inc.'s executives are
increasingly working for a shareholder unlike any other: the nation's
money-printing central bank. While the Bank of Japan's name is nowhere
to be found in regulatory filings on major stock investors, the monetary
authority's exchange-traded fund purchases have made it a top 10
shareholder in about 90 percent of the Nikkei 225 Stock Average,
according to estimates compiled by Bloomberg from public data. It's now a
major owner of more Japanese blue-chips than both BlackRock Inc., the
world's largest money manager, and Vanguard Group, which oversees more
than $3 trillion.
...
Under the BOJ's current stimulus plan, the
central bank buys about 3 trillion yen ($27.2 billion) of ETFs every
year. While policy makers don't disclose how those holdings translate
into stakes of individual companies, estimates can be gleaned from
publicly available central bank records, regulatory filings by companies
and ETF managers, and statistics from the Investment Trusts Association
of Japan. The BOJ declined to comment on Bloomberg's findings.
... "Of course, you can argue that we're in abnormal times so we have
abnormal measures," said Ayako Sera, a Tokyo-based market strategist at
Sumitomo Mitsui. "The biggest question in the future will be: What
happens when the BOJ exits?"
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