Japan and the Risks of Backing the Wrong Equity Horse

The japanese equity market boom in the 19 eighties is now considered one of the greatest asset price bubbles of all time. Japanese investors that chased their home markets exuberants and piled hefty exposures into the nike index soon learned a hard lesson about the dangers of home bias. Japan's dominant run was followed by one of the worst decades on record across major regions. The m c i japan x has still not recovered its 19 89 peaks and local currency terms, as shown in fi three. Of the top 20 companies by market cap, 18 are now us Listed.

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