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[Tokio, 15, Reuters]- The price that has led the market to rise since last year has not stopped the sharp decline in growth stocks. The move was in response to the crash of large-scale high-tech stocks in the US stock market, but on the other hand, the polarization of value stocks has become clearer due to expectation. of economic normalization associated with vaccination and color. of value stocks has become more active. It has been pointed out that such a series of movements symbolized the transition from the financial market to the business performance market, and began to incorporate deflationary output beyond that.
On the US stock market On the 12th, 30 Dow Jones Industrial Average rates hit the highest price for 5 consecutive days, but fears of rising inflation reignited when US bond yields at 10 years rose again due to the optimistic economic outlook for the US Big tech stocks fell and the Nasdaq Composite fell back.
In response to this, among Japanese stocks, in addition to semiconductor-related stocks such as Tokyo Electron, SCREEN Holdings and Shin-Etsu Chemical, Keyence and Nintendo are also outselling. Machine tool stocks are symbolic, and as January machine tool orders were announced before focus beat expectations, relatively low machine tool stocks overall were firm, but FANUC, SMC and other stocks with high prices decreased.
In both Japan and the United States, there is no bad news for these stocks called growth stocks. Still, the reason for the decline is that the rise in US long-term interest rates is mindful of the sense of relative overvaluation of large US high-tech stocks. -profit) high. Regarding Japanese growth stocks, there are voices saying, “Because domestic and foreign institutional investors were hungry in the bull market last year, there appear to be intermittent moves to secure profits” (domestic stocks).
In particular, domestic value growth stocks have a very low share price level in March last year, so earnings can be confirmed at any time, which appears to have been a hurdle in terms of supply and demand. right now before the end of the year. fiscal year. On the other hand, the color trend shifts to value stocks and late-start stocks, focusing on bank stocks and steel stocks. While the average Nikkei stock has been slow due to the decline in price actions, the rate of increase in TOPIX has increased due to the strength of value stocks.
“It will be a trend that will drive economic recovery due to economic normalization at the forefront” (Maki Sawada, equity market strategist at Nomura) On the other hand, growth stocks backed by excess liquidity will be sold. Stakeholders think the market is shifting from the financial market to the bottom line market. “Originally in the early stage, when interest rates start to rise, it shows good corporate performance, and rising stock prices here is a rationale,” said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan. Stanley Securities. are well supported by the fact that business performance is improving, expected to pick up once sales of the liquidation measures due to the end of the fiscal year approaching have ended.
On the other hand, in the colors of recent value stocks, the amount of adjustment of stocks whose PBR (price-book value ratio) is less than 1x is conspicuous. In this regard, Mr. Hiroyasu Mori, General Manager of the Investment Information Office of Okaji Securities, pointed out that “the reason why there were many shares with PBR less than 1 time is that there is a logic that companies with assets they can’t buy under deflation. “If long-term interest rates start to rise in Japan, deflation is expected to break out, so US long-term interest rates may have risen and we have started to incorporate a deflationary advance as we move into market business. ”He was commenting.
Fumiya Mizuno Edited by Hitoshi Ishida
