David Fuller's view My expiring long in the Australian ASX200 Index (weekly & daily) was rolled forward this morning. Consequently my expiring March contract was sold at 4290.8 against my purchase at 4264 on 21st February and a June long was simultaneously opened at 4305.2.

Elsewhere, with futures prices in long-dated government bonds breaking downwards I opened a short in JGBs (historic, weekly & daily), selling the June contract at 141.59. I know that there is a very big graveyard out there piled high with the bodies of traders who have paid the price for their failed bear positions in JGBs, and I also carry a scar or two from this market. Nevertheless, to paraphrase a well know saying: Cometh the hour, cometh the trend. Has Japan finally arrived at a Grand Conjunction, in which the yen is actively weakened, opening the door for a meaningful stock market recovery, to which Japanese investors contribute by switching some of their savings from JGBs to equities? That is what I am betting on.

Prices above include spread-bet dealing costs.

My thanks to a subscriber for this timely report on Japanese equities. It offers a good summary including lists of shares and some investment vehicles which should do well in the current environment. For the first time in a long time I do think that globally diversified investors should consider some investments in Japanese shares.