Fund Objective

To maximise total returns from investments in a broad range of Japanese companies. The Halifax Japanese Life and Pension funds invest directly into the Halifax Japanese OEIC.

View on Past Performance

Japanese stocks experienced their worst monthly drop on record, with the Nikkei 225 shedding 9.3% in October in yen, total return terms, sinking to its lowest point in nearly three decades towards the end of the month. Growing concerns about a global recession and credit losses prompted Japanese companies to slash earnings forecasts, with the country's five largest banks cutting earnings estimates by a combined ¥1.16trn .The Bank of Japan was one of the central banks to hold back from participating in the coordinated interest rate cuts by central banks at the beginning of the month, however, it did elect to cut them by the end of the period. Despite lowering its benchmark rate to 0.3% from 0.5%, the first cut in seven years, the effect on stocks was overshadowed by falling earnings. The FTSE Japan index was down 5.7% over the month in terling, total return terms.

Fund Details