Mark Headley

Japanese equity manager remains bullish on Asia.

Michael Ryval 7 July, 2006 | 1:00PM
Japanese equity valuations have become pricier, and that's worrisome for Mark Headley, manager of the $16.2-millionGGOF Japanese Value. But Headley, who is president of San Francisco-based Matthews International Capital Management LLC, nonetheless believes that Japan's economic revival will mean good things for selected growth stocks.

Coming off the bottom in 2002, Japanese stocks had a strong three-year run until late last year, when conditions became frothy. "Valuations went from being very attractive a few years ago, and lower than the S&P500 for the first time in years, to trading at a substantial premium to most developed markets," says Headley.

While acknowledging that there are upward pressures on interest rates globally, Headley remains bullish on Asia. "Asian economies are generally humming. Fiscal positions are in good shape," he says. "There is nothing in Asia that worries me, except that valuations got ahead of themselves."

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Michael Ryval

Michael Ryval