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Hedge Fund Expert Explains Why Asia-Focused Firms Are Outperforming U.S. Market Benchmarks

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A few days ago, <a href="http://www.benzinga.com/topic/don-steinbrugge">Agecroft Partners</a> founder and CEO Don Steinbrugge wrote an <a href="https://www.benzinga.com/markets/emerging-markets/17/06/9636391/why-theres-a-big-opportunity-in-asia-focused-hedge-funds">article</a> titled &ldquo;Why There&#39;s A Big Opportunity In Asia-Focused Hedge Funds.&rdquo;
Asia-based, Asia-focused hedge funds offer <a href="https://www.benzinga.com/markets/emerging-markets/17/06/9636391/why-theres-a-big-opportunity-in-asia-focused-hedge-funds">great opportunities for investors nowadays</a>; Steinbrugge told Benzinga in a follow-up interview. However, he suggested that we &ldquo;dive a little bit deeper and examine some of the inefficiencies in the market&rdquo; because, at the end of the day, the skill of a money manager rests on beating an index, beating the market, not on beating other funds.
<h3>What Hedge Funds Do Best</h3>
Only a <a href="https://www.benzinga.com/personal-finance/financial-advisors/17/02/9000294/expert-why-smaller-hedge-funds-will-continue-to-ou">handful of long/short equity managers</a> in the U.S. have managed to consistently beat the S&amp;P 500 (NYSE: <a class="ticker" href="/stock/spy#NYSE">SPY</a>) in recent years. On the other hand, many Asia-based long/short equity managers focusing on regional indexes like the iShares MSCI Pacific ex-Japan Idx (ETF) (NYSE: <a class="ticker" href="/stock/epp#NYSE">EPP</a>) have managed to beat their benchmarks by very large margins. Similar has been the case with China-focused funds, which have beat their market by roughly 10 percent per annum in recent years.
But, which factors are helping these Asia-based managers deliver such strong performances?
First and foremost is the volatility of the markets in Asia, Steinbrugge explained. One of the things that has hurt U.S. managers is the extremely low volatility, reflected by the iPath S&amp;P 500 VIX Short Term Futures TM ETN (NYSE: <a class="ticker" href="/stock/vxx#NYSE">VXX</a>) and the underlying VIX Index&rsquo;s current levels, close to all-time lows. &ldquo;If you don&rsquo;t have a lot of volatility, you don&rsquo;t have a lot of relative price movements between securities,&rdquo; he said. The basic premise investors rely upon is to go long on stocks they think will do well and subsequently sell short those they anticipate to perform poorly. Following that line of thinking, in the absence of volatility, investors will be forced to wait very long times before those securities reach their sell or buy targets, he said. &ldquo;In Asia, there is significant volatility. So, if you find a security you like a lot, it potentially will reach its target price much quicker and you can have higher turnover in your portfolio.&rdquo;
The second thing that is very different about Asia when compared to the U.S. marketplace is that the former is dominated by retail investors, who are not as sophisticated as hedge funds &mdash; which dominate a very small portion of the market. &ldquo;As a result of that, doing fundamental research on these companies, hedge funds can get an information edge over retail investors,&rdquo; the expert told Benzinga, pointing out that getting such an advantage in the U.S. is extremely difficult.
Another element impacting the performance of Asia-focused hedge funds is the &ldquo;greater rotation of industry leadership,&rdquo; Steinbrugge continued. Taking China as an example: Until quite recently, its economy was dominated by &ldquo;old economy industries&rdquo; like steel; however, massive investments have helped these companies pivot to more current industries like tech and services. &ldquo;When you large rotation of the industries like that, you are going to have winners and losers. For a long/short equity manager, it makes it easier to add value because you can find very good companies to buy, and you can also find very good companies to sell short that are going to get hurt during this rotation.&rdquo;
<h3>	Where In Asia</h3>
Before moving on, it&rsquo;s important to clarify what the hedge fund industry calls Asia. Perhaps counter-intuitively, "Asia" excludes the Middle East but includes Australia, as well as Southeast Asian countries, India, China, Japan, Korea and Hong Kong.
Another way to outperform U.S. benchmarks by investing in this region is to realize what works in certain countries, Steinbrugge said. Is it a new type of grocery store? Is it a new type of restaurant? Is it some type of local product that can be replicated in a different market with a different company?
&ldquo;Looking at what has worked really well in one country and trying to identify a company in another country that is replicating the same idea is a way to outperform the market. Also looking at companies in the same industry in different markets and comparing their relative strengths.&rdquo;
<h3>The Macro Factor And Valuations</h3>
Finally, there&rsquo;s a macroeconomic factor: Asia already produces 36 percent of the world&rsquo;s GDP, and the IMF is forecasting approximately two-thirds of global growth over the next five years will come from that region. Nonetheless, only 4&ndash;5.5 percent of the $3 trillion in global hedge fund assets are allocated to these countries, Steinbrugge said.
Juxtaposing this to the fact that securities in Asia are valued at a significant discount to U.S.-traded stocks, it becomes clear that these markets offer larger opportunities to add value to funds&rsquo; portfolios.
<h3>Embracing Emerging Managers</h3>
Most of the Asia-focused hedge funds outperforming U.S. markets are based off Asian countries. &ldquo;It is always better to be closer to where the investment opportunities are,&rdquo; Steinbrugge explained. &ldquo;It used to be that people were biased against Asia based managers because they weren&rsquo;t viewed as having the same institutional quality. But today, these hedge funds have very large research teams; a lot of them are either Western-educated or the people running the firm have spun out of either large hedge funds or large investment banks and have very accomplished biographies.&rdquo;
While restraining from naming any specific Asia-focused funds, Steinbrugge emphasized the vast number of options. In fact, just between Singapore and Hong Kong, there are more than 55 organizations that manage over $1 billion in assets.
<h3>The Risks</h3>
Last but not least, Steinbrugge highlighted the risks of investing in Asia-focused hedge funds.
&ldquo;I think it&rsquo;s important that investors have a diversified portfolio, and if they are going to allocate to Asia, they should limit what percentage they invest in Asia. If they are investing in a <a href="https://www.benzinga.com/personal-finance/financial-advisors/17/01/8906368/hedge-fund-expert-don-steinbrugge-on-money-flows-a">mutual fund or a hedge fund</a>, over time it should experience higher volatility than investing in U.S. equities,&rdquo; he explained. &ldquo;But it also has the potential to generate higher returns long term than U.S. equities, so you have to take a long-term horizon when you allocate to Asia. I mean, if two-thirds of the world's growth is coming from Asia, it probably makes sense to have some part of your portfolio allocated to Asia.&rdquo;
Other Asia-focused ETFs outperforming the S&amp;P 500 this year include:
<ul>
<li>
		Vanguard FTSE Pacific ETF (NYSE: <a class="ticker" href="/stock/vpl#NYSE">VPL</a>)</li>
<li>
		iShares MSCI South Korea Index Fund(ETF) (NYSE: <a class="ticker" href="/stock/ewy#NYSE">EWY</a>)</li>
<li>
		iShares MSCI Cntry Asa Jpn Idx Fnd ETF (NASDAQ: <a class="ticker" href="/stock/aaxj#NASDAQ">AAXJ</a>)</li>
<li>
		iShares MSCI Taiwan Index (ETF) (NYSE: <a class="ticker" href="/stock/ewt#NYSE">EWT</a>)</li>
<li>
		iShares MSCI Philippines Investable (NYSE: <a class="ticker" href="/stock/ephe#NYSE">EPHE</a>)</li>
<li>
		iShares MSCI Indons Invstbl Mrkt Indx Fd (NYSE: <a class="ticker" href="/stock/eido#NYSE">EIDO</a>)</li>
<li>
		Market Vectors Vietnam ETF. (NYSE: <a class="ticker" href="/stock/vnm#NYSE">VNM</a>)</li>
</ul>
More From Benzinga:
<a href="https://www.benzinga.com/personal-finance/financial-advisors/17/03/9134918/don-steinbrugge-explains-reinsurance-a-strategy-th">Don Steinbrugge Explains Reinsurance: A Strategy That Helps Hedge Funds Remain Safe From Market Volatility</a>
<a href="https://www.benzinga.com/personal-finance/financial-advisors/17/04/9313278/how-people-choose-hedge-funds-the-importance-of-br">How People Choose Hedge Funds: The Importance Of Branding</a>
Image Credit: <a href="https://www.instagram.com/javierhasse/">Javier Hasse</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Hedge Fund Expert Explains Why Asia-Focused Firms Are Outperforming Market Benchmarks

Japanese stocks were trading higher on Wednesday. The Nikkei 225 climbed 0.16 percent, or 31.5 points to 19,282.00, and the TOPIX rose 0.04 percent, or 0.40 points to 1,540.64.

	iShares MSCI Japan ETF (NYSEARCA: EWJ) shares rose 1.18 percent to close at $51.35, while iShares MSCI Pacific ex-Japan Idx (ETF) (NYSEARCA: EPP) gained 0.60 percent to close at $41.90 on Tuesday.

	USD/JPY increased to 115.17 on Wednesday. The Bank of Japan&#39;s Tankan survey, showing a measure of business sentiment among large Japanese manufacturers, increased to a reading of 10 for December, versus a previous reading of 6.

	West Texas Intermediate for January delivery declined 1.30 percent to trade at $53.24 per barrel on the NYMEX, while Brent for February settlement fell 1.24 percent to $55.03 per barrel on the ICE Futures Europe exchange.

	The Federal Open Market Committee will announce its policy decision at 2:00 p.m. ET. U.S. markets closed higher on Tuesday, with the Dow gaining 0.58 percent to 19,911.21, and the NASDAQ rising 0.95 percent to 5,463.83.

	 
	Top market movers among the Japanese market are as follows:
<ul>
<li>
		Shares of Traders Holdings Co Ltd (8704) climbed around 33 percent to 201.0 JPY.</li>
<li>
		Fushiki Kairiku Unso Co Ltd (9361) shares rose around 28 percent to 368.0 JPY.</li>
<li>
		Yasunaga Corp (7271) shares increased over 22 percent to 2,194.0 JPY.</li>
</ul>

	&nbsp;
<ul>
<li>
		Insource Co Ltd (6200) declined over 11 percent to 1,273.0 JPY.</li>
<li>
		TEAC Corp (6803) shares dropped around 7 percent to 51.0 JPY.</li>
<li>
		Japan Best Rescue System Co Ltd (2453) shares fell 7 percent to 254.0 JPY.</li>
</ul>

Japanese stocks were trading lower on Tuesday. The Nikkei 225 dropped 0.27 percent, or 51 points to 19,107.00, and the TOPIX fell 0.25 percent, or 3.8 points to 1,527.55.

	iShares MSCI Japan ETF (NYSEARCA: EWJ) shares fell 0.98 percent to close at $50.75, while iShares MSCI Pacific ex-Japan Idx (ETF) (NYSEARCA: EPP) fell 0.29 percent to close at $41.65 on Monday.

	Shares of Nippon Telegraph &amp; Telephone (9432) surged 3.5 percent after the company announced plans to buy back up to $1.3 billion in stock.

	The U.S. dollar was trading mostly flat at 115.140 against the Japanese yen.

	West Texas Intermediate for January delivery declined 0.36 percent to trade at $52.64 per barrel on the NYMEX, while Brent for February settlement fell 0.22 percent to $55.57 per barrel on the ICE Futures Europe exchange.

	The Federal Open Market Committee will begin its two-day policy meeting today. U.S. markets closed mixed on Monday, with the Dow gaining 0.20 percent to 19,796.43, and the NASDAQ falling 0.59 percent to 5,412.54.

	 
	Top market movers among the Japanese market are as follows:
<ul>
<li>
		Shares of Nippon Ichi Software Inc (3851) climbed around 19 percent to 1,304.0 JPY.</li>
<li>
		Fuji Seiki Co Ltd (6400) shares rose around 15 percent to 162.0 JPY.</li>
<li>
		Saylor Advertising Inc (2156) shares increased over 14 percent to 300.0 JPY.</li>
</ul>

	&nbsp;
<ul>
<li>
		Kimuratan Corp (8107) declined over 13 percent to 7.0 JPY.</li>
<li>
		Future Venture Capital Co Ltd (8462) shares dropped around 12 percent to 1,730.0 JPY.</li>
<li>
		NJ Holdings Inc (9421) shares fell 11 percent to 2,851.0 JPY.</li>
</ul>

Japan Markets Open Lower; Nikkei Down Over 50 Points

Japanese stocks were trading higher on Monday. The Nikkei 225 gained 0.83 percent, or 157.8 points to 19,154.00, and the TOPIX rose 0.21 percent, or 3.2 points to 1,528.57.

	iShares MSCI Japan ETF (NYSEARCA: EWJ) shares rose 0.29 percent to close at $51.25, while iShares MSCI Pacific ex-Japan Idx (ETF) (NYSEARCA: EPP) fell 0.10 percent to close at $41.77 on Friay.

	The U.S. dollar rose 0.1 percent to trade at 115.43 against the Japanese yen.

	West Texas Intermediate for January delivery rose 4.70 percent to trade at $53.92 per barrel on the NYMEX, while Brent for February settlement rose 4.14 percent to $56.58 per barrel on the ICE Futures Europe exchange.

	U.S. markets closed higher on Thursday, with the Dow gaining 0.72 percent to 19,756.85, and the NASDAQ gaining 0.50 percent to 5,444.50.

	 
	Top market movers among the Japanese market are as follows:
<ul>
<li>
		Shares of Nikken Kogaku Co Ltd (9767) climbed around 25 percent to 200.0 JPY.</li>
<li>
		Japan Communications Inc (9424) shares rose around 25 percent to 196.0 JPY.</li>
<li>
		Akatsuki Shoji Co Ltd (3932) shares increased over 23 percent to 2,702.0 JPY.</li>
</ul>

	&nbsp;
<ul>
<li>
		Kubotek Corp (7709) declined over 17 percent to 724.0 JPY.</li>
<li>
		Dijet Industrial Co Ltd (6138) shares dropped around 11 percent to 189.0 JPY.</li>
<li>
		Kuroda Precision Industries Ltd (7726) shares fell 9 percent to 465.0 JPY.</li>
</ul>

Japan Markets Surge; Nikkei Rises Over 150 Points

Japanese stocks were trading higher on Friday. The Nikkei 225 gained 0.93 percent, or 175 points to 18,940.50, and the TOPIX rose 0.45 percent, or 6.8 points to 1,519.50.

	iShares MSCI Japan ETF (NYSEARCA: EWJ) shares rose 1.15 percent to close at $51.10, while iShares MSCI Pacific ex-Japan Idx (ETF) (NYSEARCA: EPP) fell 0.17 percent to close at $41.81 on Thursday.

	The USD/JPY pair rose 0.24 percent to trade at 114.25 on Friday.

	West Texas Intermediate for January delivery rose 0.26 percent to trade at $50.97 per barrel on the NYMEX, while Brent for February settlement rose 0.04 percent to $53.91 per barrel on the ICE Futures Europe exchange.

	U.S. markets closed higher on Thursday, with the Dow gaining 0.33 percent to 19,614.82, and the NASDAQ gaining 0.29 percent to 5,409.51.

	Top market movers among the Japanese market are as follows:
<ul>
<li>
		Shares of Dijet Industrial Co Ltd (6138) climbed around 30 percent to 212.0 JPY.</li>
<li>
		Terilogy Co Ltd (3356) shares rose around 18 percent to 362.0 JPY.</li>
<li>
		Eltes Co Ltd (3967) shares increased over 15 percent to 8,160.0 JPY.</li>
</ul>

	&nbsp;
<ul>
<li>
		Kuribayashi Steamship Co Ltd (9171) declined over 11 percent to 401.0 JPY.</li>
<li>
		Nihon Denkei Co Ltd (9908) shares dropped around 9 percent to 1,167.0 JPY.</li>
<li>
		Global-Dining Inc (7625) shares fell 8 percent to 373.0 JPY.</li>
</ul>

Japan Markets Open Higher; Nikkei Surges 175 Points

Japanese stocks were trading higher on Thursday, ahead of the European Central Bank&rsquo;s decision later in the day. The Nikkei 225 gained 0.75 percent, or 139 points to 18,635.50, and the TOPIX rose 0.85 percent, or 12.6 points to 1,503.26.

	Japan&rsquo;s Gross Domestic Product rose 1.3 percent year-over-year for the third quarter, compared to preliminary reading of a 2.2 percent growth. Japanese trade surplus came in at Y587.6 billion ($5.2 billion) for October, down from previous month&rsquo;s reading of Y642.4 billion.

	iShares MSCI Japan ETF (NYSEARCA: EWJ) shares rose 1.49 percent to close at $50.52, while iShares MSCI Pacific ex-Japan Idx (ETF) (NYSEARCA: EPP) rose 1.31 percent to close at $41.88 on Wednesday.

	The USD/JPY pair was trading at 113.72 on Thursday.

	West Texas Intermediate for January delivery rose 0.24 percent to trade at $49.89 per barrel on the NYMEX, while Brent for February settlement rose 0.02 percent to $53.01 per barrel on the ICE Futures Europe exchange.

	U.S. markets closed higher on Wednesday, with the Dow gaining 1.55 percent to 19,549.62, and the NASDAQ gaining 1.14 percent to 5,393.76.

	 
	Top market movers among the Japanese market are as follows:
<ul>
<li>
		Shares of Ishii Hyoki Co Ltd (6336) climbed around 19 percent to 503.0 JPY.</li>
<li>
		Tsuchiya Holdings Co Ltd (1840) shares rose around 17 percent to 201.0 JPY.</li>
<li>
		Asahi Eito Co Ltd (5341) shares increased over 17 percent to 119.0 JPY.</li>
</ul>

	&nbsp;
<ul>
<li>
		Japan Third Party Co Ltd (2488) declined over 11 percent to 877.0 JPY.</li>
<li>
		Japan Best Rescue System Co Ltd (2453) shares dropped around 11 percent to 257.0 JPY.</li>
<li>
		Rinko Corp (9355) shares fell 10 percent to 265.0 JPY.</li>
</ul>

Japanese Markets Open Higher; Nikkei Rises Over 100 Points

Japanese stocks were trading higher on Wednesday. The Nikkei 225 gained 0.58 percent, or 106 points to 18,466.50, and the TOPIX rose 0.61 percent, or 9 points to 1,486.18.

	iShares MSCI Japan ETF (NYSEARCA: EWJ) shares rose 0.44 percent to close at $49.78, while iShares MSCI Pacific ex-Japan Idx (ETF) (NYSEARCA: EPP) rose 0.15 percent to close at $41.34 on Tuesday.

	Shares of SoftBank climbed Wednesday after the company&rsquo;s CEO Masayoshi Son announced plans to invest $50 billion in U.S. start-up companies.

	The U.S. dollar was trading mostly flat at 113.990 against the Japanese yen.

	West Texas Intermediate for January delivery fell 0.71 percent to trade at $50.57 per barrel on the NYMEX, while Brent for January settlement fell 0.63 percent to $53.59 per barrel on the ICE Futures Europe exchange.

	U.S. markets closed higher on Tuesday, with the Dow gaining 0.18 percent to 19,251.78, and the NASDAQ gaining 0.45 percent to 5,333.00.

	 
	Top market movers among the Japanese market are as follows:
<ul>
<li>
		Shares of Prospect Co Ltd (3528) climbed around 73 percent to 71.0 JPY.</li>
<li>
		Softbank Technology Corp (4726) shares rose around 18 percent to 3,130.0 JPY.</li>
<li>
		Japan Third Party Co Ltd (2488) shares increased over 16 percent to 974.0 JPY.</li>
</ul>

	&nbsp;
<ul>
<li>
		Kagetsuenkanko Co Ltd (9674) declined over 15 percent to 116.0 JPY.</li>
<li>
		Jalco Holdings Inc (6625) shares dropped around 15 percent to 123.0 JPY.</li>
<li>
		Hyoki Kaiun Kaisha Ltd (9362) shares fell 14 percent to 198.0 JPY.</li>
</ul>

Japanese Markets Surge; Nikkei Up 100 Points

Japanese stocks were trading higher on Tuesday. The Nikkei 225 gained 0.57 percent, or 103.5 points to 18,378.50, and the TOPIX fell 0.53 percent, or 7.8 points to 1,474.73.

	Labour cash earnings increased 0.1 percent year-over-year in October, versus economists&rsquo; expectations for a 0.2 percent growth.

	iShares MSCI Japan ETF (NYSEARCA: EWJ) shares fell 0.12 percent to close at $49.56, while iShares MSCI Pacific ex-Japan Idx (ETF) (NYSEARCA: EPP) rose 0.24 percent to close at $41.28 on Monday.

	The USD/JPY pair is trading at 117.79 on Tuesday.

	West Texas Intermediate for January delivery fell 0.91 percent to trade at $51.32 per barrel on the NYMEX, while Brent for January settlement fell 0.67 percent to $54.56 per barrel on the ICE Futures Europe exchange.

	U.S. markets closed higher on Monday, with the Dow gaining 0.24 percent to 19,216.24, and the NASDAQ gaining 1.01 percent to 5,308.89.

	 
	Top market movers among the Japanese market are as follows:
<ul>
<li>
		Shares of Kuroda Precision Industries Ltd (7726) climbed around 36 percent to 606.0 JPY.</li>
<li>
		Onex Corp (5987) shares rose around 30 percent to 152.0 JPY.</li>
<li>
		Global-Dining Inc (7625) shares increased over 23 percent to 433.0 JPY.</li>
</ul>

	&nbsp;
<ul>
<li>
		Jalco Holdings Inc (6625) declined over 12 percent to 132.0 JPY.</li>
<li>
		Tamai Steamship Co Ltd (9127) shares dropped around 11 percent to 106.0 JPY.</li>
<li>
		Kitac Corp (4707) shares fell 10 percent to 329.0 JPY.</li>
</ul>

Japan Markets Open Higher; Nikkei Up Over 100 Points

Japanese stocks were trading lower on Monday, as Italian Prime Minister Matteo Renzi vowed to resign following referendum defeat on Sunday. The Nikkei 225 dropped 0.62 percent, or 114.6 points to 18,311.50, and the TOPIX fell 0.75 percent, or 11 points to 1,466.93.

	iShares MSCI Japan ETF (NYSEARCA: EWJ) shares rose 0.30 percent to close at $49.62, while iShares MSCI Pacific ex-Japan Idx (ETF) (NYSEARCA: EPP) declined 0.19 percent to close at $41.18 on Friday.

	The USD/JPY pair is trading at 113.56, mostly flat on the day.

	West Texas Intermediate for January delivery fell 0.87 percent to trade at $51.23 per barrel on the NYMEX, while Brent for January settlement fell 0.85 percent to $54.00 per barrel on the ICE Futures Europe exchange.

	U.S. markets closed mixed on Friday, with the Dow dropping 0.11 percent to 19,170.42, and the NASDAQ gaining 0.09 percent to 5,255.65.

	 
	Top market movers among the Japanese market are as follows:
<ul>
<li>
		Shares of Jalco Holdings Inc (6625) climbed around 35 percent to 135.0 JPY.</li>
<li>
		Japan Power Fastening Co Ltd (5950) shares rose around 30 percent to 215.0 JPY.</li>
<li>
		Global-Dining Inc (7625) shares increased over 24 percent to 338.0 JPY.</li>
</ul>

	&nbsp;
<ul>
<li>
		Pixel Companyz Inc (2743) declined over 14 percent to 623.0 JPY.</li>
<li>
		Yasunaga Corp (7271) shares dropped around 9 percent to 2,830.0 JPY.</li>
<li>
		Watt Mann Co Ltd (9927) shares fell 9 percent to 137.0 JPY.</li>
</ul>

Japan Markets Drop; Nikkei Down Over 100 Points

Japanese stocks were trading lower on Friday, ahead of U.S. jobs report later in the day. The Nikkei 225 dropped 0.99 percent, or 183.6 points to 18,329.50, and the TOPIX fell 0.77 percent, or 11.4 points to 1,471.79.

	iShares MSCI Japan ETF (NYSEARCA: EWJ) shares fell 0.84 percent to close at $49.47, while iShares MSCI Pacific ex-Japan Idx (ETF) (NYSEARCA: EPP) gained 0.51 percent to close at $41.26 on Thursday.

	The USD/JPY pair is trading at 113.90 on Friday, down 0.18 percent on the day.

	West Texas Intermediate for January delivery fell 0.94 percent to trade at $50.58 per barrel on the NYMEX, while Brent for January settlement fell 1.09 percent to $53.35 per barrel on the ICE Futures Europe exchange.

	U.S. markets closed mostly lower on Thursday, with the Dow gaining 0.36 percent to 19,191.93, and the NASDAQ dropping 1.36 percent to 5,251.11.

	 
	Top market movers among the Japanese market are as follows:
<ul>
<li>
		Shares of Japan Power Fastening Co Ltd (5950) climbed around 43 percent to 165.0 JPY.</li>
<li>
		Watt Mann Co Ltd (9927) shares rose around 25 percent to 147.0 JPY.</li>
<li>
		Yasunaga Corp (7271) shares increased over 19 percent to 3,100.0 JPY.</li>
</ul>

	&nbsp;
<ul>
<li>
		Phil Company Inc (3267) declined over 12 percent to 3,200.0 JPY.</li>
<li>
		Kozosushi Co Ltd (9973) shares dropped around 11 percent to 102.0 JPY.</li>
<li>
		Tri Chemical Laboratories Inc (4369) shares fell 9 percent to 1,977.0 JPY.</li>
</ul>

Japan Markets Open Lower; Nikkei Down Around 1%

Japanese stocks were trading higher on Thursday, as the Organization of the Petroleum Exporting Countries agreed to reduce crude production by over 3 percent. The Nikkei 225 climbed 383 percent, or 2.09 points to 18,691.50, and the TOPIX rose 1.68 percent, or 24.6 points to 1,494.01.

	iShares MSCI Japan ETF (NYSEARCA: EWJ) shares fell 0.16 percent to close at $49.89, while iShares MSCI Pacific ex-Japan Idx (ETF) (NYSEARCA: EPP) dropped 0.73 percent to close at $41.05 on Wednesday.

	The U.S. dollar increased around 1.9 percent against the Japanese yen to trade at 114.53.

	West Texas Intermediate for January delivery rose 0.44 percent to trade at $49.66 per barrel on the NYMEX, while Brent for January settlement rose 8.78 percent to $50.45 per barrel on the ICE Futures Europe exchange.

	U.S. markets closed mostly lower on Wednesday, with the Dow gaining 0.01 percent to 19,123.58, and the NASDAQ dropping 1.05 percent to 5,323.68.

	 
	Top market movers among the Japanese market are as follows:
<ul>
<li>
		Shares of Kozosushi Co Ltd (9973) climbed around 35 percent to 115.0 JPY.</li>
<li>
		Maruman &amp; Co Ltd (7834) shares rose around 29 percent to 303.0 JPY.</li>
<li>
		Daito Chemix Corp (4366) shares increased over 20 percent to 602.0 JPY.</li>
</ul>

	&nbsp;
<ul>
<li>
		Japan Asia Investment Co Ltd (8518) shares dropped around 8 percent to 634.0 JPY.</li>
<li>
		Pixel Companyz Inc (2743) declined over 8 percent to 755.0 JPY.</li>
<li>
		Ascot Corp (3264) shares fell 7 percent to 676.0 JPY.</li>
</ul>

Japan Markets Surge; Nikkei Up Over 2%

Japanese stocks were trading slightly lower on Wednesday, ahead of the Organization of the Petroleum Exporting Countries meeting in Vienna. The Nikkei 225 dropped 0.01 percent, or 2.54 points to 18,304.50, and the TOPIX fell 0.08 percent, or 1.21 points to 1,467.35.

	iShares MSCI Japan ETF (NYSEARCA: EWJ) shares rose 0.10 percent to close at $49.97, while iShares MSCI Pacific ex-Japan Idx (ETF) (NYSEARCA: EPP) gained 0.19 percent to close at $41.35 on Tuesday.

	The U.S. dollar was trading at 112.60 against the Japanese yen, after rising to 113.340 overnight.

	West Texas Intermediate for January delivery rose 0.62 percent to trade at $45.51 per barrel on the NYMEX, while Brent for January settlement rose 0.97 percent to $46.83 per barrel on the ICE Futures Europe exchange.

	U.S. markets closed higher on Tuesday, with the Dow gaining 0.12 percent to 19,121.60, and the NASDAQ rising 0.21 percent to 5,379.92. The U.S. economy expanded at an annual rate of 3.2 percent in the third quarter. The Conference Board&#39;s consumer confidence index surged to 107.10 in November, versus a prior reading of 98.60.

	Top market movers among the Japanese market are as follows:
<ul>
<li>
		Shares of Kuroda Precision Industries Ltd (7726) climbed around 32 percent to 206.0 JPY.</li>
<li>
		Food Planet Inc (7853) shares rose around 20 percent to 12.0 JPY.</li>
<li>
		Es-con Japan Ltd (8892) shares increased over 19 percent to 397.0 JPY.</li>
</ul>

	&nbsp;
<ul>
<li>
		Interlife Holdings Co Ltd (1418) shares dropped around 10 percent to 379.0 JPY.</li>
<li>
		Cluster Technology Co Ltd (4240) declined over 9 percent to 560.0 JPY.</li>
<li>
		Astmax Co Ltd (7162) shares fell 8 percent to 590.0 JPY.</li>
</ul>

Japan's Nikkei Edges Lower Ahead Of OPEC Meeting

Japanese stocks were trading lower on Tuesday. The Nikkei 225 dropped 0.33 percent, or 60.4 points to 18,296.50, and the TOPIX fell 0.12 percent, or 1.70 points to 1,467.88.

	iShares MSCI Japan ETF (NYSEARCA: EWJ) shares rose 0.87 percent to close at $49.92, while iShares MSCI Pacific ex-Japan Idx (ETF) (NYSEARCA: EPP) fell 0.29 percent to close at $41.27 on Monday.

	The U.S. dollar was trading at 111.96 versus the Japanese yen, compared to 111.35. overnight

	West Texas Intermediate for January delivery fell 0.72 percent to trade at $46.74 per barrel on the NYMEX, while Brent for January settlement dropped 0.81 percent to $47.85 per barrel on the ICE Futures Europe exchange.

	U.S. markets closed lower on Monday, with the Dow dropping 0.28 percent to 19,097.90, and the NASDAQ falling 0.56 percent to 5,368.81.

	Top market movers among the Japanese market are as follows:
<ul>
<li>
		Shares of Yasunaga Corp (7271) climbed around 51 percent to 1,775.0 JPY.</li>
<li>
		Kagetsuenkanko Co Ltd (9674) shares rose around 36 percent to 137.0 JPY.</li>
<li>
		Fujipream Corp (4237) shares increased over 23 percent to 372.0 JPY.</li>
</ul>

	&nbsp;
<ul>
<li>
		Mercuria Investment Co Ltd (7190) shares dropped around 10 percent to 2,925.0 JPY.</li>
<li>
		Flight Holdings Inc (3753) declined over 7 percent to 1,635.0 JPY.</li>
<li>
		Sorghum Japan Holdings Corp (6636) shares fell 6 percent to 198.0 JPY.</li>
</ul>

Japan Markets Open Lower; Nikkei Down 60 Points

Japanese stocks were trading mostly lower on Monday. The Nikkei 225 dropped 0.22 percent, or 39.72 points to 18,341.50, and the TOPIX rose 0.25 percent, or 3.60 points to 1,468.13.

	iShares MSCI Japan ETF (NYSEARCA: EWJ) shares fell 0.84 percent to close at $49.49, while iShares MSCI Pacific ex-Japan Idx (ETF) (NYSEARCA: EPP) gained 0.85 percent to close at $41.39 on Friday.

	The U.S. dollar dropped 1.3 percent versus the Japanese yen to trade at 111.650, compared to 113.900 last week.

	West Texas Intermediate for January delivery rose 0.09 percent to trade at $46.10 per barrel on the NYMEX, while Brent for January settlement gained 0.04 percent to $47.26 per barrel on the ICE Futures Europe exchange.

	U.S. markets closed higher on Friday, with the Dow gaining 0.36 percent to 19,152.14, and the NASDAQ rising 0.34 percent to 5,398.92.

	Top market movers among the Japanese market are as follows:
<ul>
<li>
		Shares of Fujipream Corp (4237) climbed around 36 percent to 303.0 JPY.</li>
<li>
		Crymson Co Ltd (2776) shares rose around 30 percent to 100.0 JPY.</li>
<li>
		Japan Asia Investment Co Ltd (8518) shares increased over 20 percent to 604.0 JPY.</li>
</ul>

	&nbsp;
<ul>
<li>
		T&amp;C Medical Science Inc (3832) shares dropped around 10 percent to 89.0 JPY.</li>
<li>
		Fuji Seiki Co Ltd (6400) declined over 10 percent to 137.0 JPY.</li>
<li>
		T.O.Ogasawara Co Ltd (9812) shares fell 10 percent to 797.0 JPY.</li>
</ul>

Japan's Nikkei Down; Yen Rises Against Dollar

Japanese stocks were trading higher on Thursday. The Nikkei 225 climbed 1.08 percent, or 196.56 points to 18,359.50, and the TOPIX rose 0.90 percent, or 13 points to 1,460.47.

	iShares MSCI Japan ETF (NYSEARCA: EWJ) closed at $49.91, while iShares MSCI Pacific ex-Japan Idx (ETF) (NYSEARCA: EPP) gained 0.51 percent to close at $41.04 on Wednesday.

	The U.S. dollar increased to 112.83 against the Japanese yen, versus 112.60 yen on Wednesday.

	West Texas Intermediate for December delivery rose 0.08 percent to trade at $48.00 per barrel on the NYMEX, while Brent for December settlement gained 0.04 percent to $48.97 per barrel on the ICE Futures Europe exchange.

	U.S. durable goods orders rose 4.80 percent for October, versus analysts&rsquo; expectations for a 1.50 percent growth. The University of Michigan&#39;s consumer sentiment index increased to a final reading of 93.8 in November. U.S. markets closed mixed overnight, with the Dow gaining 0.31 percent to 19,083.18, and the NASDAQ dropping 0.11 percent to 5,380.68.

	Top market movers among the Japanese market are as follows:
<ul>
<li>
		Shares of T&amp;C Medical Science Inc (3832) climbed around 45 percent to 96.0 JPY.</li>
<li>
		Kagetsuenkanko Co Ltd (9674) shares rose around 40 percent to 105.0 JPY.</li>
<li>
		Nuts Inc (7612) shares increased over 26 percent to 189.0 JPY.</li>
</ul>

	&nbsp;
<ul>
<li>
		Transaction Co Ltd (7818) shares dropped around 15 percent to 1,828.0 JPY.</li>
<li>
		Shinden Hightex Corp (3131) declined over 10 percent to 1,442.0 JPY.</li>
<li>
		Flight Holdings Inc (3753) shares fell 10 percent to 1,575.0 JPY.</li>
</ul>

Japanese Markets Rise; Nikkei Up Over 1%

Japanese stocks were trading higher on Tuesday. A 6.9-magnitude earthquake hit off the Japan&rsquo;s eastern coast. The Nikkei 225 climbed 0.20 percent, or 36.5 points to 18,142.50, and the TOPIX rose 0.18 percent, or 2.6 points to 1,445.52.

	iShares MSCI Japan ETF (NYSEARCA: EWJ) rose 0.81 percent to close at $49.79, while iShares MSCI Pacific ex-Japan Idx (ETF) (NYSEARCA: EPP) gained 0.62 percent to close at $40.46 on Monday.

	The U.S. dollar declined 0.1 percent against the Japanese yen to trade at 110.80 yen.

	West Texas Intermediate for December delivery rose 1.02 percent to trade at $48.73 per barrel on the NYMEX, while Brent for December settlement gained 0.98 percent to $49.38 per barrel on the ICE Futures Europe exchange.

	U.S. markets closed higher overnight, with the Dow gaining 0.47 percent to 18,956.69, and the NASDAQ rising 0.89 percent to 5,368.86.

	Top market movers among the Japanese market are as follows:
<ul>
<li>
		Shares of Tokyo Theatres Co Inc (9633) climbed around 38 percent to 182.0 JPY.</li>
<li>
		Shinden Hightex Corp (3131) shares rose around 23 percent to 1,602.0 JPY.</li>
<li>
		Japan Third Party Co Ltd (2488) shares increased over 21 percent to 860.0 JPY.</li>
</ul>

	&nbsp;
<ul>
<li>
		Kitac Corp (4707) shares dropped around 9 percent to 311.0 JPY.</li>
<li>
		Azuma Shipping Co Ltd (9380) declined over 8 percent to 475.0 JPY.</li>
<li>
		I-O Data Device Inc (6916) shares fell 8 percent to 1,314.0 JPY.</li>
</ul>

Japanese Markets Gain; Earthquake Hits Japan

Japanese stocks were trading higher on Monday. The Nikkei 225 climbed 0.42 percent, or 75 points to 18,042.50, and the TOPIX rose 0.62 percent, or 8.8 points to 1,437.26.

	iShares MSCI Japan ETF (NYSEARCA: EWJ) fell 1.50 percent to close at $49.39, while iShares MSCI Pacific ex-Japan Idx (ETF) (NYSEARCA: EPP) dropped 0.42 percent to close at $40.21 on Friday.

	The U.S. dollar climbed to 111.125 yen against the Japanese yen on Monday.

	West Texas Intermediate for December delivery rose 0.91 percent to trade at $46.78 per barrel on the NYMEX, while Brent for December settlement gained 0.83 percent to $47.25 per barrel on the ICE Futures Europe exchange.

	U.S. markets closed lower overnight, with the Dow dropping 0.19 percent to 18,867.932, and the NASDAQ falling 0.23 percent to 5,321.51.

	Top market movers among the Japanese market are as follows:
<ul>
<li>
		Shares of Wintest Corp (6721) climbed around 22 percent to 173.0 JPY.</li>
<li>
		Kobe Diesel Co Ltd (6016) shares rose around 22 percent to 123.0 JPY.</li>
<li>
		Showa Holdings Co Ltd (5103) shares increased over 20 percent to 229.0 JPY.</li>
</ul>

	&nbsp;
<ul>
<li>
		Nagase Brothers Inc (9733) shares dropped around 13 percent to 4,760.0 JPY.</li>
<li>
		Transaction Co Ltd (7818) declined over 12 percent to 2,317.0 JPY.</li>
<li>
		Kawakami Paint Mfg Co Ltd (4616) shares fell 6 percent to 289.0 JPY.</li>
</ul>

Japan Stock Markets Open Higher; Nikkei Up 75 Points

Japanese stocks were trading higher on Friday. The Nikkei 225 climbed 0.95 percent, or 170 points to 18,032.50, and the TOPIX rose 0.57 percent, or 8.1 points to 1,431.19.

	iShares MSCI Japan ETF (NYSEARCA: EWJ) rose 1.50 percent to close at $50.14, while iShares MSCI Pacific ex-Japan Idx (ETF) (NYSEARCA: EPP) gained 0.55 percent to close at $40.38 on Thursday.

	The U.S. dollar was trading at 110.24 against the Japanese yen on Friday, compared with 109.01 yen in Tokyo Thursday.

	West Texas Intermediate for December delivery fell 1.04 percent to trade at $45.50 per barrel on the NYMEX, while Brent for December settlement dropped 1.03 percent to $46.01 per barrel on the ICE Futures Europe exchange.

	U.S. markets closed higher overnight, with the Dow gaining 0.19 percent to 18,903.82, and the NASDAQ surging 0.74 percent to 5,333.97.

	Top market movers among the Japanese market are as follows:
<ul>
<li>
		Shares of Kitac Corp (4707) climbed around 32 percent to 330.0 JPY.</li>
<li>
		Transaction Co Ltd (7818) shares rose around 23 percent to 2,642.0 JPY.</li>
<li>
		CHIeru Co Ltd (3933) shares increased over 23 percent to 1,592.0 JPY.</li>
</ul>

	&nbsp;
<ul>
<li>
		Tokyo Sangyo Co Ltd (8070) shares dropped around 8 percent to 490.0 JPY.</li>
<li>
		Konami Corp. (9766) declined over 6 percent to 3,950.0 JPY.</li>
<li>
		Sakurajima Futo Kaisha Ltd (9353) shares fell 4 percent to 357.0 JPY.</li>
</ul>

Japanese Markets Open Higher; Nikkei Up Over 150 Points

Japanese stocks were trading slightly lower on Thursday. The Nikkei 225 declined 0.13 percent, or 22.7 points to 17,839.50, and the TOPIX fell 0.18 percent, or 2.6 points to 1,419.13.

	iShares MSCI Japan ETF (NYSEARCA: EWJ) rose 0.48 percent to close at $49.40, while iShares MSCI Pacific ex-Japan Idx (ETF) (NYSEARCA: EPP) dropped 1.64 percent to close at $40.16 on Wednesday.

	The benchmark 10-year yield declined half a basis point at 0.010 percent. The Bank of Japan launched an operation to purchase bonds at a fixed rate.

	The ICE Dollar Index dropped 0.2 percent to 100.23.

	West Texas Intermediate for December delivery fell 0.20 percent to trade at $46.01 per barrel on the NYMEX, while Brent for December settlement dropped 0.19 percent to $46.54 per barrel on the ICE Futures Europe exchange.

	Federal Reserve Chair Janet Yellen is set to testify before the Joint Economic Committee of Congress in Washington D.C. at 10:00 a.m. ET. U.S. markets closed mixed overnight, with the Dow dropping 0.29 percent to 18,868.14, and the NASDAQ surging 0.36 percent to 5,294.58.

	Top market movers among the Japanese market are as follows:
<ul>
<li>
		Shares of Enshu Ltd (6218) climbed around 26 percent to 82.0 JPY.</li>
<li>
		Asian Star Co (8946) shares rose around 21 percent to 175.0 JPY.</li>
<li>
		Pixel Companyz Inc (2743) shares increased over 18 percent to 526.0 JPY.</li>
</ul>

	&nbsp;
<ul>
<li>
		CSS Holdings Ltd (2304) shares dropped around 11 percent to 500.0 JPY.</li>
<li>
		Urban Life Co Ltd (8851) declined over 7 percent to 113.0 JPY.</li>
<li>
		Kobe Diesel Co Ltd (6016) shares fell 7 percent to 108.0 JPY.</li>
</ul>

Japanese Markets Open Slightly Lower

Japanese stocks were trading higher on Wednesday. The Nikkei 225 gained 1.13 percent, or 201 points to 17,869, and the TOPIX rose 1.14 percent, or 16 points to 1,418.95.

	iShares MSCI Japan ETF (NYSEARCA: EWJ) rose 0.16 percent to close at $49.64, while iShares MSCI Pacific ex-Japan Idx (ETF) (NYSEARCA: EPP) gained 0.59 percent to close at $40.83 on Tuesday.

	Shares of Nintendo Co (7974) gained over 4 percent after the company announced plans to unveil its Super Mario Run mobile game on December 15.

	 
	USD/JPY was trading at 108.99 yen on Wednesday.

	West Texas Intermediate for December delivery fell 0.19 percent to trade at $46.30 per barrel on the NYMEX, while Brent for December settlement dropped 0.09 percent to $46.91 per barrel on the ICE Futures Europe exchange.

	U.S. markets closed higher overnight, with the Dow climbing 0.29 percent to 18,923.06, and the NASDAQ surging 1.10 percent to 5,275.62.

	Top market movers among the Japanese market are as follows:
<ul>
<li>
		Shares of Transaction Co Ltd (7818) climbed around 23 percent to 2,157.0 JPY.</li>
<li>
		Flight Holdings Inc (3753) shares rose around 18 percent to 1,782.0 JPY.</li>
<li>
		E-Guardian Inc (6050) shares increased over 16 percent to 1,391.0 JPY.</li>
</ul>

	&nbsp;
<ul>
<li>
		Kimuratan Corp (8107) shares dropped around 14 percent to 6.0 JPY.</li>
<li>
		Hosoya Pyro-Engineering Co Ltd (4274) declined over 12 percent to 510.0 JPY.</li>
<li>
		Toyota Boshoku Corp (3116) shares fell 7 percent to 2,426.0 JPY.</li>
</ul>