It was a buoyant quarter for the Japanese stock market: AJOT’s NAV grew +7.9% and the MSCI Japan Small Cap Index returned +6.0%, outperforming the MSCI World Index which returned +1.4%, (all in GBP). At the start of September, Japan’s prime minister Yoshihide Suga resigned amidst dangerously low approval ratings. His lack of charisma and English-speaking ability made him unpopular with overseas investors and his resignation stoked excitement for a more likable replacement. Unfortunately, this was short-lived as favourite candidate Taro Kono, who latterly headed the hugely successful vaccination effort, lost to Fumio Kishida, who the LDP members favoured as a more predictable, conservative leader.
AVI Japan Opportunity Trust p.l.c is referred to as ‘AJOT’ throughout the website. AJOT’s investment managers, Asset Value Investors are referred to as ‘AVI’