Is Japan's Resurgence For Real?

For most of the past few years, Michael Hill has had a rather unenviable task. As a salesman on the equity desk at Lehman Brothers investment bank in Tokyo, he's had to convince large U.S. and European investment companies to buy Japanese stocks. This spring, with the stock market hitting 20-year lows, it often seemed he couldn't give away Japan plays. Sometime over the summer, though, the clouds began to part. "Guys we haven't heard from in years are approaching us interested in Japan," he marvels. "I was in London last week, and everybody there wanted to talk about Japan. I...

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