Eoin Treacy's view The TSE REIT Index remains a notable constituent of these tables since it remains one of the highest yielding sectors globally (6.68%) and still trades below its book value. This situation has been evident for a considerable period of time. The last time I mentioned the Index was in Comment of the Day on September 7th when the yield was in the region of 6.7% and a year prior to that, the yield was even higher. The high nominal yield on this sector is particularly interesting since Japanese financial instruments generally yield considerably less than their international counterparts. If subscribers have any additional light to shed on this issue I am sure the Collective would welcome the insight.

The Sector bottomed in October 2008 and continues to form a base mostly below 1000. It has posted a progression of higher reaction lows since November 2008 and would need a sustained move below 812 to question scope for further higher to lateral ranging. Both the Japan Real Estate Investment REIT and the Japan Prime Realty Investment REIT share a similar pattern with the wider index.

The Japan Residential Investment Co. Ltd, listed in the UK, has been building a base below 40p since November 2008 and broke upwards this week. A sustained move below 36.50 would now be required to question scope for further upside.

(Please note: All data quoted above originates in Bloomberg. We realise that some of the data displayed is inaccurate for some indices, particularly where ADRs are included. However, I have endeavoured to remove those indices which were most problematic. We continue to publish these tables because the data is generally accurate and going forward we will continue to weed-out the less reliable data sets as subscribers highlight them for us. I have also deleted the FTSE AIM Index from the list because it does not seem to have very reliable figures. The P/Es quoted by Bloomberg are exclusively based on operating earnings.)