에 대한 최신 뉴스 iShares MSCI Japan Sm Cap (ARCA:SCJ)

iShares MSCI Japan Sm Cap

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The fund generally will invest at least 90% of its assets in the component securities of the underlying index and in investments that have economic characteristics that are substantially identical to the component securities of the underlying index. The index is designed to measure the performance of equity securities of small-capitalization companies in Japan.

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iShares MSCI Japan Small-Cap ETF

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금리인상이 임박함에 따라 투자자들은 이러한 시장 변화를 활용하기 위해 일본에 초점을 맞춘 ETF를 평가하고 있다. 주목해야 할 주요 ETF는 다음과 같다. 

일본 국채 수익률 급등 속 주목해야 할 ETF는?

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BBJP

WisdomTree Trust Japan Total Dividend Fund

일본의 핵심 소비자 물가가 1월에 3.2%로 상승하여 19개월 만에 가장 빠른 속도를 기록했다고 로이터가 보도했다. 일본은행(BOJ)이 금리 인상을 계속할 것이라는 기대가 커짐에 따라, 일본 경제 변화를 따르는 투자자들은 다음 세 가지 일본 주식에 집중된 ETF에 주목할 필요가 있다:

일본의 인플레이션 상승: BOJ가 금리 인상 기대에 대응할 때 주목해야 할 3가지 ETF

Japan's financial markets are witnessing a shift as the country's benchmark 10-year government bond yield climbed to 1.575% on Monday, the highest level since 2008. This sharp rise follows data showing the fastest wage growth in more than three decades, strengthening expectations of further interest rate hikes by the Bank of Japan (BOJ).
With higher interest rates on the horizon, investors are evaluating <a href="https://www.benzinga.com/etfs">Japan-focused ETFs</a> to capitalize on these market shifts. Here are some key ETFs to watch:
iShares MSCI Japan Value ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EWJV#NASDAQ">EWJV</a>)
Generally, value stocks thrive better in a rising interest rates environment than growth stocks. In this scenario, investing in iShares MSCI Japan Value ETF could bode well. The ETF has gained 7.08% this year thus far. Value stocks tend to perform well in a high-rate environment as they are less reliant on borrowing and hence have stronger balance sheets.
Also Read: <a href="https://www.benzinga.com/etfs/specialty-etfs/25/02/43893016/rising-inflation-in-japan-3-etfs-to-watch-as-boj-navigates-rate-hike-expectations">Rising Inflation In Japan: 3 ETFs To Watch As BOJ Navigates Rate Hike Expectations</a>
iShares MSCI Japan Small Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCJ#NYSE">SCJ</a>)
A likely moderately stronger yen could be favorable for small-cap Japanese stocks, which are less reliant on exports compared to large-cap firms. An ETF to watch in this space is iShares MSCI Japan Small Cap ETF, which is up 5.77% year-to-date.
However, before choosing small-cap investments, investors should closely follow Japan's real wage hike momentum. While regular pay has seen its biggest <a href="https://www.bloomberg.com/news/articles/2025-03-09/japan-sees-fastest-base-pay-gains-in-32-years-in-boost-for-boj?sref=TBDibEcD">increase </a>in more than 30 years, Reuters reported that real wages fell in January due to inflation reaching a two-year high. If nominal wage growth beats inflation in the coming months, small-cap stocks could gain from stronger domestic purchasing power.
Invesco CurrencyShares Japanese Yen Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXY#NYSE">FXY</a>)
Any monetary policy tightening by the BOJ, which is a high probability now, is likely to strengthen the Japanese yen. This is where the Invesco CurrencyShares Japanese Yen Trust could prove to be a wise investment, benefiting from a stronger yen as the central bank adjusts its policy stance. Incidentally, BOJ Governor Kazuo Ueda commented on the recent rises in bond yields, saying the market is factoring in expectations of future interest rate hikes, Reuters reported.
BOJ's Policy Path And Market Predictions
The BOJ put an end to its decade-long monetary stimulus in 2024 and <a href="https://www.benzinga.com/news/econ-s/25/01/43183053/bank-of-japan-raises-interest-rates-to-pre-2008-levels-amid-trumps-tariff-uncertainties">raised short-term interest rates</a> to 0.5% from 0.25% in January 2025. This decision stemmed from Japan's progress toward achieving a sustainable 2% inflation target.
According to Bloomberg, JPMorgan Chase &amp; Co. has raised its year-end forecast for the 10-year Japanese government bond yield from 1.55% to 1.7%, with some investors predicting the yield could climb as high as 2%, <a href="https://finance.yahoo.com/news/japan-10-yield-highest-since-071046785.html">quoted </a>Yahoo Finance.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/etfs/specialty-etfs/25/03/44310370/3-etfs-with-super-micro-computers-exposure-enjoy-ai-surge">3 ETFs With Super Micro Computers Exposure, Enjoy AI Surge</a></li>
</ul>
Photo: Shutterstock

The Rise Of ETFs In Japan: How Investors Can Gain From Bond Yield Surge

Japan's core consumer inflation climbed to 3.2% in January, marking its fastest pace in 19 months, according to a Reuters report. As expectations of the Bank of Japan (BOJ) <a href="https://www.benzinga.com/markets/asia/25/02/43425523/bank-of-japan-signals-further-rate-hikes-possible-amid-inflation-economic-overheating-worries">continuing to raise interest rates</a> grow, investors following Japan's economic shifts may want to keep an eye on these three <a href="https://www.benzinga.com/etfs">ETFs focused on Japanese equities</a>:
iShares MSCI Japan Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWJ#NYSE">EWJ</a>) is one of the largest Japan-focused ETFs. EWJ mirrors the MSCI Japan Index, which tracks top Japanese companies across various sectors.
JPMorgan BetaBuilders Japan ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/BBJP#BATS">BBJP</a>) seeks to track the performance of the Morningstar Japan Target Market Exposure Index. This fund offers a cost-efficient way to invest in Japanese stocks, providing broad exposure to large- and mid-cap companies.
WisdomTree Japan Hedged Equity Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DXJ#NYSE">DXJ</a>) provides exposure to Japanese equities while hedging against movements in the yen. With a focus on companies that generate a significant portion of their revenue overseas (20% or more, according to DXJ fact sheet), this ETF could benefit from a stronger U.S. dollar.
Also Read: <a href="https://www.benzinga.com/markets/bonds/25/02/43772167/japan-bond-yields-hit-15-year-high-as-gdp-growth-surpasses-expectations-peter-schiff-warns-of-train-wreck">Peter Schiff Warns Of &#8216;Slow-Motion Train Wreck&#8217; Financial Disaster That&#8217;s On No One&#8217;s Radar</a>
Potential Impacts
Japan's core consumer inflation surged to 3.2% in January, marking its fastest pace in 19 months. This rise has fueled expectations that the BOJ may continue raising interest rates from their still-low levels, per Reuters. As inflationary pressures mount, bond yields have also climbed, with the two-year Japanese government bond yield reaching 0.830%, its highest level since October 2008.
If inflation in Japan continues to rise, investors in these ETFs could face mixed outcomes. The BOJ may respond with more aggressive interest rate hikes, increasing borrowing costs for businesses and potentially pressuring stock prices, which could impact ETFs like EWJ and BBJP. 
In a note on Jan. 21, Vincent Chung, co-portfolio manager at T. Rowe Price, said that the BOJ&#8217;s rate hike may be the first of several gradual increases. He sees the policy rate to likely reach 1% or higher by the end of this year, as <a href="https://www.cnbc.com/2025/01/24/bank-of-japan-hikes-policy-rates-by-25-basis-points-to-highest-since-2008.html">reported </a>by CNBC.
Reuters noted that Japan's inflation has remained above the central bank's 2% target for close to three years, putting pressure on policymakers to take further action. The BOJ already <a href="https://www.benzinga.com/news/econ-s/25/01/43183053/bank-of-japan-raises-interest-rates-to-pre-2008-levels-amid-trumps-tariff-uncertainties">raised its short-term interest rate</a> to 0.5% from 0.25% in January in a move to achieve sustainable inflation. 
Additionally, a stronger yen due to higher interest rates may hurt export-driven companies, which are majorly large-cap. In this case, ETFs carrying small-cap Japanese stocks, such as the iShares MSCI Japan Small-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCJ#NYSE">SCJ</a>) may be considered. WisdomTree Japan Hedged Equity Fund&#8217;s currency-hedged strategy could offer some protection.
On the other hand, one must not forget that external economic developments are also at play. CNBC quoted Chung&#8217;s warning that rising U.S. inflation coupled with sustained economic growth later this quarter could lead to a stronger dollar and weaker yen.
Inflation could also mean sector-specific impacts. For instance, while financial and commodity-related stocks can benefit, consumer-driven industries could be strained. Increased market uncertainty and volatility may create short-term fluctuations in these ETFs.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/etfs/specialty-etfs/25/02/43888012/apples-in-house-modem-chip-sparks-qualcomm-concerns-3-etfs-with-key-exposure">Apple&#8217;s In-House Modem Chip Sparks Qualcomm Concerns: 3 ETFs With Key Exposure</a></li>
</ul>
Photo: Shutterstock

Rising Inflation In Japan: 3 ETFs To Watch As BOJ Navigates Rate Hike Expectations

Recent data indicate the Japanese economy is improving.

	Confidence in Prime Minister Shinzo Abe's plans to weaken the yen and spark inflation in the world's third-largest economy are among the reasons why investors have poured billions of dollars into Japan ETFs this year.

	Through the end of May, year-to-date inflows to Japan ETFs were $23.1 billion, or 23 percent of all ETF inflows, according to BlackRock.

	The WisdomTree Japan Hedged Equity Fund (NYSE: <a class="ticker" href="/stock/dxj#NYSE">DXJ</a>) and the iShares MSCI Japan Index Fund (NYSE: <a class="ticker" href="/stock/ewj#NYSE">EWJ</a>) have been the inflow leaders among Japan ETFs. However, it has been <a href="http://video.cnbc.com/gallery/?video=3000175748">noted that those funds and some rivals</a> do not offer large amounts of leverage to a recovery in Japan's domestic economy. With large allocations to financials and industrials, EWJ, for example, offers plenty of exposure to Japanese exporters.

	Still, Abenomics was intended to jolt Japan's domestic economy. Should that effort prove successful, it could be small-cap ETFs that benefit.

	"However, at its core, Abenomics is designed to stimulate economic growth in Japan—by encouraging Japanese consumers to come off the sidelines where they have sat with significant savings for a long time," said WisdomTree Research Director Jeremy Schwartz in a note.

	When the yen was plunging and DXJ and EWJ were soaring earlier this year, there were certainly times when it <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/03/3421393/abenomics-boosting-japan-small-cap-etfs">was fair to say Japan small-cap ETFs were overlooked</a>. Arguably, Japan small-cap ETFs are still flying under the radar although the iShares MSCI Japan Small Cap Index Fund (NYSE: <a class="ticker" href="/stock/scj#NYSE">SCJ</a>) is up 11 percent year-to-date while the WisdomTree Japan SmallCap Dividend Fund (NYSE: <a class="ticker" href="/stock/dfj#NYSE">DFJ</a>) is up six percent.

	Neither of those ETFs are currency-hedged as DXJ is, but both do reasonable exposure to Japan's domestic economy. Consumer discretionary and staples names combine for over 34.5 percent of DFJ's weight. Those sectors combine for 29 percent of SCJ's weight.

	As investors have become infatuated with DXJ's hedged USD/JPY mechanism, it is often forgotten that the ETF's index excludes companies that depend on Japan for 80 percent or more of their revenue. With DXJ's success in mind WisdomTree earlier this year filed plans for a small-cap equivalent of DXJ. That ETF will track the WisdomTree Japan SmallCap Hedged Equity Index, which "has no such revenue screen and is meant to be broadly inclusive of Japanese small-cap dividend payers," <a href="http://www.wisdomtree.com/blog/index.php/a-focus-on-japan-small-caps-for-domestic-demand/#sthash.BBkLVQ1q.dpuf">according to Schwartz</a>.

	WisdomTree has not said if DFJ will simply switch names and indexes to become the small-cap hedged play, but that move is not out of the realm of possibility as DXJ itself changed to a currency hedged fund a few years ago. The issuer has done the same thing with <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/05/3554185/when-draghi-turns-kuroda-this-etf-will-surge">with some of its other ETFs as well</a>.

	Believers in Abenomics should be believers in Japanese small-caps because, just to name a few sectors, small-cap discretionary, financial services, health care and staples depend on Japan for the bulk of their revenue.

	"We believe that Abenomics will not fade quickly—on both the monetary and fiscal side, commitments have been made with a focus on long-term results and a willingness to stay the course," said Schwartz. "That points to a need for flexibility: Japan's global revenue generators might be in favor some of the time, while at other times the focus could shift more toward the more domestically sensitive firms."

	For more on Japan ETFs, click <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/05/3549079/the-best-of-the-other-japan-etfs">here</a>.

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WisdomTree Trust WisdomTree Japan SmallCap Dividend

Small-Cap ETFs: An Avenue For Japan's Reflation Trade 

If ETFs could participate in karaoke night, those funds tracking Japanese small-caps might be apt to select the 1980s classic "Don't You Forget About Me." The Simple Minds hit is an appropriate one for Japanese small-cap ETFs because as the yen has plunged and the Nikkei has soared in recent months, the WisdomTree Japan Hedged Equity Fund (NYSE: <a class="ticker" href="/stock/dxj#NYSE">DXJ</a>) and the iShares MSCI Japan Index Fund (NYSE: <a class="ticker" href="/stock/ewj#NYSE">EWJ</a>) have dominated the Japan ETF conversation.

Investors are not likely to complain about the performances of either DXJ or EWJ. The rapidly growing DXJ is has surged almost 18 percent year-to-date while EWJ, still the largest Japan ETF by assets, is up 9.1 percent.

Clearly, Abenomics, the term coined for Prime Minister Shinzo Abe's efforts to devalue the yen while boosting Japan's rate of inflation, has been kind to DXJ and EWJ. ETFs tracking Japanese small-caps are getting in on the act, too, though these funds remain overshadowed by DXJ and EWJ.

Overshadowed or not, there is no denying that ETFs such as the WisdomTree Japan SmallCap Dividend Fund (NYSE: <a class="ticker" href="/stock/dfj#NYSE">DFJ</a>) have started to perform quite nicely in the past month. Put DXJ, EWJ, DFJ and DFJ's two nearest rivals side-by-side over the past month and the result may come as a surprise to some investors. In that group of five ETFs, DXJ and EWJ, place fourth and fifth, respectively. 

Over the past month, the gold medal for Japan ETF performance goes to a fund ETF critics would love to hate: The SPDR Russell/Nomura Small Cap Japan ETF (NYSE: <a class="ticker" href="/stock/jsc#NYSE">JSC</a>). As of March 14, JSC had just $66.3 million in assets and average daily volume of about 8,000 shares per day. 

Notable is the fact that on volume that was more than 25 percent above the daily average, JSC rose to its highest levels since late 2007 on Friday. Factor in Friday's almost 0.9 percent gain, and JSC is up nearly 10.7 percent in the past month. 

Interestingly, JSC is not as volatile as some investors might think it is. This is a small-cap ETF with annualized volatility of 12.78 percent and a beta of 0.41 against the S&amp;P 500, <a href="https://www.spdrs.com/product/fund.seam?ticker=JSC#">according to State Street data</a>. By comparison, EWJ has a beta of 1.13 against the S&amp;P 500.

The aforementioned WisdomTree Japan SmallCap Dividend Fund and the iShares MSCI Japan Small Cap Index Fund (NYSE: <a class="ticker" href="/stock/scj#NYSE">SCJ</a>) essentially tie for second place among Japan ETFs over the past month with each sporting gains of about 9.8 percent.

The WisdomTree Japan SmallCap Dividend Fund is the largest of the Japan small-cap ETF trio with $171.6 million in assets. Although DFJ does not feature the USD/JPY hedge that has made DXJ so popular with investors, the small-cap offering is intimately levered to the weak-yen-helps-Japanese-exporters story. DFJ devotes 45.7 percent of its combined weight to industrial and consumer discretionary firms, which gives the ETF some positive exposure to a weakening yen as those export-intensive industries in Japan.

DFJ's underlying index compares favorably with the MSCI Japan Small Cap Index, the index tracked by SCJ. Since inception in June 2006, DFJ's index has outpaced SCJ's index while being less volatile, <a href="http://www.wisdomtree.com/resource-library/pdf/fundfacts/WisdomTree-FactSheet-DFJ-127.pdf">according to WisdomTree data</a>.

That does not mean SCJ is not worth a look. The $57.6 million ETF has an expense ratio of 0.51 percent, making it slightly cheaper than both DFJ (0.58 percent) and JSC (0.55 percent). SCJ is also the largest of the Japan small-cap ETF trio with 724 holdings compared to almost 430 for DFJ and 388 for JSC.

Additionally, the iShares offering makes for a credible weak yen play with a 22 percent allocation to the industrial sector and an almost 20 percent weight to consumer discretionary stocks.

For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

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Abenomics Boosting Japan Small-Cap ETFs

Ah, yes. Japan. Land of the rising sun. More like land of the dark clouds when it comes to the performance of the iShares MSCI Japan Index Fund (NYSE: <a class="ticker" href="/stock/ewj#NYSE">EWJ</a>) this year. The largest and most liquid Japan-specific ETF is down 15% on a year-to-date basis.

Sure, the earthquake and tsunami that ravaged Japan in March played a big part in EWJ's glum performance this year. Then again, EWJ currently trades below its post-natural disaster lows. A strong yen hasn't helped matters.

Still, this the third-largest economy in the world we're talking about and some would argue Japan's cash-rich companies are now offering exceptional valuations to investors. Not to mention, nearly three-quarters of Japanese exports head to emerging markets, according to the Wall Street Journal. So there's an emerging markets kicker in Japan without the emerging markets risk.

With that, let's have a look at some Japan-specific ETFs your broker forgot to mention.

IndexIQ Japan Mid-Cap ETF (NYSE: <a class="ticker" href="/stock/rsun#NYSE">RSUN</a>):
The IndexIQ Japan Mid-Cap ETF made its debut in June becoming the first mid-cap ETF focusing solely on Japan. Since then, RSUN's 5% drop is nothing to write home about, but that performance also sharply outpaces EWJ. Home to 100 stocks, industrials account for over 21% of RSUN's weight, giving the ETF some correlation to a potential bounce Japanese equities.

iShares MSCI Japan Small Cap Index Fund (NYSE: <a class="ticker" href="/stock/scj#NYSE">SCJ</a>):
SCJ's sector weights don't differ that much from what RSUN offers, but this small-cap play is home to nearly 700 stocks and with an allocation of almost 10.5% to technology names, SCJ is at the very least a decent idea for playing Japan's emerging markets export story.

WisdomTree Japan SmallCap Dividend Fund (NYSE: <a class="ticker" href="/stock/dfj#NYSE">DFJ</a>):
DFJ bests SCJ with a smaller expense ratio (0.58% compared to 0.63% for the iShares offering.) Industrials account for 23.5% of DFJ's weight and technology names check in at almost 12%. Overall, six sectors get double-digit allocations here, making DFJ one of the more diverse Japan-specific ETFs. With all the cash Japanese companies have sitting around, more dividend hikes are a legitimate possibility.

WisdomTree Japan Hedged Equity ETF (NYSE: <a class="ticker" href="/stock/dxj#NYSE">DXJ</a>):
If you're looking to cut back on your yen exposure while still staying in the Japan game, the WisdomTree Japan Hedged Equity ETF is a fund you might want to have a look at. With an expense ratio of 0.48%, DXJ is the least expensive member of this list to this point and the ETF focuses primarily on large-cap names such as Toyota (NYSE: <a class="ticker" href="/stock/tm#NYSE">TM</a>) and Honda (NYSE: <a class="ticker" href="/stock/hmc#NYSE">HMC</a>). Despite the yen hedge, DXJ has slightly lagged EWJ year-to-date.

SPDR Russell/Nomura Small Cap Japan ETF (NYSE: <a class="ticker" href="/stock/jsc#NYSE">JSC</a>):
Don't forget about the SPDR Russell/Nomura Small Cap Japan ETF if you want to Japanese small-caps and we say that for two simple reasons. First, JSC has the lowest expense ratio (0.55%) of the small-cap ETFs mentioned here. Second, JSC has outperformed DFJ and SCJ year-to-date.

Bull case:
The yen weakens and the U.S. and global economies bounce back, bolstering demand for Japanese exports.

Bear case:
The yen remains strong and investors view Japanese stocks as more value trap than value.

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Emerging Market ETFs

RSUN

Five Japan ETFs Your Broker Forgot To Mention

The market's ascent in 2011 has been fueled primarily by large-caps as investors have scaled back their small-cap exposure, but that doesn't mean small-caps won't have their day in the sun again. 

Even with today's decline, the Russell 2000 is within striking distance of all-time highs and this is an index to watch because it is an excellent gauge of money manage sentiment. If the smart money is betting on further gains for equities, chances are they'll put some of their available cash to work in the Russell 2000, fueling more upside for small-caps.

For those that are willing to lay bets that small-caps will once again profit as we move into the second half of the year, the following ETFs could prove to be solid ideas.

1) WisdomTree Emerging Markets SmallCap Dividend <a href="http://www.marketbulletin.com/etf.php">ETF</a> (NYSE: <a class="ticker" href="/stock/dgs#NYSE">DGS</a>):
If DGS repeats its performance from the second half of 2010 this year, investors will be quite pleased. On June 1, 2010, DGS was trading around $40. By early November, the ETF was above $54. Past performance is no guarantee of future results, but 31% combined exposure to Taiwan and South Korea should serve this ETF well going forward.

2) Market Vectors Russia Small-Cap ETF (NYSE: <a class="ticker" href="/stock/rsxj#NYSE">RSXJ</a>):
Not even a month old, RSXJ has already acquired $2.5 million in assets under management, but what makes this ETF a small-cap fund worth watching in the second half is the country it tracks. Russia has been THE BRIC darling this year. If that trend continues, RSXJ could end 2011 as one of the year's best new ETFs.

3) PowerShares S&amp;P Consumer Staples Portfolio (Nasdaq: PSCC): 
There is playing defense to the point of being boring and there is playing defense with a pulse. PSCC is definitely in the latter category. The ETF is chock full of more exciting staples stocks, but that doesn't mean a bet on unfamiliar names. You've heard of Casey's General Stores (Nasdaq: <a class="ticker" href="/stock/casy#Nasdaq">CASY</a>) and Boston Beer (NYSE: <a class="ticker" href="/stock/sam#NYSE">SAM</a>), right?

4) Market Vectors Germany Small-Cap ETF (NYSE: <a class="ticker" href="/stock/gerj#NYSE">GERJ</a>):
Now a month old, GERJ has accumulated $2.7 million in AUM in that time. Not too shabby at all. If developed markets continue to be leaders, dial your risk profile up a notch with this ETF that offers exposure to Germany's export-driven economy.

5) iShares MSCI Japan Small Cap Index Fund (NYSE: <a class="ticker" href="/stock/scj#NYSE">SCJ</a>):
Believe it or not, SCJ may be the riskiest play of this quintet and not because it's a Japan play. The chart shows an ETF that is on fire. After touching $38 post-earthquake, SCJ now trades above $46 and there is nothing in the way of resistance between there and $50. The natural disasters that struck Japan set an already fragile economy back a bit, but as we have seen in the U.S., small-caps are especially potent for an economy that is just awakening from some doldrums. If Japan shows signs of life in the second half, $46 may prove to be cheap for SCJ.

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CASY

Wisdomtree Emerging Markets Smallcap Dividend Fund

GERJ

RSXJ

Five Small-Cap ETFs For The Second Half

Warren Buffett calls the crisis in Japan, “a 
 buying opportunity”.
 

 Buffet recently proclaimed in the <a href="http://www.ft.com/cms/s/0/630d3ec4-53cf-11e0-a01c-00144feab49a.html#axzz1HWT3MH3X" class="c79774-3">Financial 
 Times</a> that, "Frequently 
 something out of the blue like this, an extraordinary event, really 
 creates a buying opportunity. I've seen that happen in the United States, 
 I've seen that happen around the world, and I don't think Japan will be 
 an exception."
 

 Jim Rogers agrees.
 

 In an interview with the <a href="http://articles.economictimes.indiatimes.com/2011-03-14/news/28688204_1_crude-oil-japan-crisis-commodities" class="c79774-3">Economic 
 Times</a> the commodity investing guru 
 stated: "Normally whenever there is an artificial event like this, it 
 is a terrible tragedy, but also buying opportunity because we assume we 
 are not going to have gigantic earthquakes every year. So it is normally 
 a buying opportunity. It is a question of when you step in to 
 buy."
 

 I'm tossing my hat in the ring alongside these 
 investing greats - I believe investors who buy Japanese stocks now will 
 be happy they did so in two years. Not just because stocks retreated so 
 far so fast, but because Japan was an attractive investment 
 before the earthquake.
 ***The recent collapse in the Japanese stock market has been one of the 
 most rapid in history, even compared to the market crashes of 1929 and 
 1987.
 

 Japan's stock market, better known as the Nikkei, 
 fell over twenty percent last week.  The steep decline occurred 
 while authorities dealt with the aftermath of the tragic events off the 
 coast of northeast Japan.
 

 The Nikkei could just be the most intimidating 
 market in the world right now as radiation concerns make an already 
 complex rebuilding effort that much more complicated.
 

 As I stated last week, <a href="http://www.smallcapinvestor.com/article/is-now-the-time-to-buy-uranium-miners-dnn/23015" class="c79774-3">the fear is 
 palpable</a>. I was speaking about the 
 uranium markets at that point, but the same fear that gripped those 
 markets last week is strangling Japanese stocks today. Uranium stocks 
 already bounced over 30% since my recommendation to pick up 
 Denison Mines (AMEX: DNN). I think you'll see similar 
 gains, albeit over a longer time frame, if you pick up the right Japanese 
 small cap investments today.
 

 Successful investors understand the basic push and 
 pull that makes markets function properly. They realize the market is 
 filled with millions of investors who have hopes &amp; fears - both 
 rational and irrational.
 

 Money, and expectations of making or losing it, 
 has a way of driving an otherwise rational investor to irrational 
 behavior. When this happens on a large scale, like when investors 
 recently dumped Japanese stocks, herd mentality is perpetuated and 
 psychological impulses take over.
 

 At this point, and usually over a short time 
 frame, fundamentals don't move stocks - rather stocks move based on 
 investors' hopes, expectations and in this case, fears.
 

 Fear is the one single emotion that can be preyed 
 upon successfully by the informed investor time and time again. That's 
 why Buffett and Rogers are so successful - they, like many great 
 investors, are the rational buyers snatching up shares from irrational 
 sellers.
 

 There are a number of ways investors can gain 
 access to Japanese small cap stocks. Undoubtedly, the easiest and lowest 
 risk option (also the most cost effective) is through Exchange Traded 
 Funds (ETFs).
 

 The three I have chosen are more “pure plays” on 
 the local Japanese economies that reflect domestic consumption. This is 
 of important strategic significance for investors adding exposure to 
 Japan's small cap asset class. These stocks will react more to domestic 
 consumption patterns than will larger cap stocks in Japan. The way to 
 play the latter through ETFs is to buy the iShares MSCI Japan 
 Index Fund (NYSE: EWJ) - but that's not our move here. We're 
 interested in the faster moving small caps.
 

 The largest of the three ETFs, with $142.9 million 
 in net assets, is the WisdomTree Japan Small Cap Dividend Fund 
 (NYSE: DFJ). This ETF has the bulk of its holdings in consumer 
 cyclicals, industrials and basic materials. It has an expense ratio of 
 0.58 percent and a yield of 1.6 percent. The ETF has respectable returns 
 of 18.6 percent over the past year.
 

  
 

 <img height="254" width="403" src="http://img.bfpublishing.com/sci%203.25.11-1.PNG" />
 

  
 

 The second fund, the SPDR Russell/Nomura 
 Small Cap Japan ETF (NYSE: JSC), is also weighted toward 
 consumer cyclical, industrials, basic materials and technology.  It 
 has a slightly lower expense ratio of 0.56 percent and a slightly lower 
 yield of 1.54 percent as compared to the DFJ.  The JSC also posted a 
 nice gain of 21.8 percent over the past year.
 

  
 

 <img height="256" width="414" src="http://img.bfpublishing.com/sci%203.25.11-2.PNG" />
 

  
 

 Like the DFJ and the JSC, the iShares MSCI 
 Japan Small Cap Index (NYSE: SCJ) has exposure to consumer 
 cyclicals, industrials, basic materials and technology. It is the 
 smallest of the three small cap ETFs with net assets of $39.2 million. 
 The ETF has an expense ratio of 0.53 percent and yields 1.83 percent. 
  The SCJ has posted the largest gain (albeit by a small margin) of 
 the three with a 22.2 percent rise over the past year.
 

  
 

 <img height="256" width="414" src="http://img.bfpublishing.com/sci%203.25.11-3.PNG" />
 

 Of these three Japanese small cap ETFs, my 
 favorite is the SCJ. This ETF tracks the MSCI Japan Small Cap index, 
 targeting 40% of the eligible small cap companies within each industry 
 group. The SCJ also edges out JSC and DFJ in performance over the last 
 five years, and it has the lowest expense ratio.
 

 Headlines will continue to drive the Japanese 
 markets over the near-term as the nation lays out a plan for recovery and 
 takes the appropriate actions. Although the earthquake, tsunami and 
 ensuing radiation concerns will continue to present challenges for Japan, 
 the extreme sell-off in small cap stocks in the country is indeed a 
 “buying opportunity”.
 

 Any of the three ETFs discussed here will give you 
 exposure to the bullish trend that the Japanese market has experienced 
 over the past two years, and which should continue in spite of the 
 destruction. The fact remains that the earthquake and tsunami lowered 
 valuations to levels not seen for over 35 years.
 

 That's just too compelling an opportunity for 
 small cap value investors to pass up.

A Sound Alternative to Buying Individual Japanese Small Caps  (JSC, DFJ, SCJ)

Here is the ETF Professor's ETF Watch List for Wednesday March 16, 2011.

With the Nikkei in rally mode, trade the iShares MSCI Japan Small Cap Index Fund (NYSE: <a class="ticker" href="/stock/scj#NYSE">SCJ</a>) and the ProShares UltraShort Yen (NYSE: <a class="ticker" href="/stock/ycs#NYSE">YCS</a>). 

Can the Guggenheim Solar <a href="http://marketbulletin.com/etf.php">ETF</a> (NYSE: <a class="ticker" href="/stock/tan#NYSE">TAN</a>) keep its stellar run if the news out of Japan improves? 

As an insurance play, keep an eye on the ProShares UltraShort QQQ (NYSE: <a class="ticker" href="/stock/qid#NYSE">QID</a>).

Emerging markets plays of the day: Direxion Daily Emerging Markets Bear 3X Shares (NYSE: <a class="ticker" href="/stock/edz#NYSE">EDZ</a>), Market Vectors Indonesia ETF (NYSE: <a class="ticker" href="/stock/idx#NYSE">IDX</a>) and the iShares MSCI Mexico Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/eww#NYSE">EWW</a>).

Forex play of the day: PowerShares DB US Dollar Index Bearish (NYSE: <a class="ticker" href="/stock/udn#NYSE">UDN</a>).

Bond play of the day: SPDR Barclays Capital Long Term Treasury ETF (NYSE: <a class="ticker" href="/stock/tlo#NYSE">TLO</a>).

Broad U.S. Equity ETFs

Pre-Market Outlook

Direxion Daily Emerging Markets Bear 3x Shares

PowerShares DB US Dollar Index Bearish Fund

ETFs To Watch March 16, 2011 (TAN, QID, EWW, TLO)

To say Japan has become the red-headed step child of Asian economies is to state the obvious. Sitting in a region littered with emerging economic heavyweights, Japan appears to be a relic of success realized yesteryear and when that success will be seen again is hard to discern.
There are headwinds to be a sure. An aging population, competition for financing of sovereign debt and soaring government debt to name a few.
On the other hand, valuations on Japanese stocks are becoming almost too cheap to ignore. They lagged the developed world last year, but 2011 could be their time to shine and the best way to play a Japan bounce could be with small-caps.
That turns the spotlight to the WisdomTree Japan SmallCap Dividend Fund (NYSE: <a class="ticker" href="/stock/dfj#NYSE">DFJ</a>), the SPDR Russell/Nomura Small Cap Japan ETF (NYSE: <a class="ticker" href="/stock/jsc#NYSE">JSC</a>) and iShares MSCI Japan Small Cap Index Fund (NYSE: <a class="ticker" href="/stock/scj#NYSE">SCJ</a>).
All are geared toward consumer discretionary and industrials and that gives investors exposure to Japanese exporters, the place to be if the yen weakens and it should.
And all offer some exposure to problematic, but potentially rewarding Japanese financials. Along those lines, the investor willing to take some risk should prefer DFJ as it has the largest weighting to Japanese banks.

Opportunities In Japan? Perhaps

Japan has been exceeding growth expectations, but investors should be aware of where that growth came from.

Be Wary of ETFs Lifted by Japan's GDP Revision

Goldman Sachs expects a correction in Asian stocks in 2010. Goldman Sachs is citing the lack of macroeconomic catalysts will weigh on Asian equities in 2010. Also, Goldman is saying that stocks on the Asian market are already trading at lofty valuations.
Some ETFs that may be impacted negatively by this report tomorrow include: iShares MSCI South Korea Index Fund (NYSE: <a href="/stock/ewy">EWY</a>), iShares FTSE/Xinhua China 25 Index (NYSE: <a href="/stock/fxi">FXI</a>), iShares MSCI Japan Smll Cap Ind Fund(<a href="/stock/etf">ETF</a>) (NYSE: <a href="/stock/scj">SCJ</a>), and the WisdomTree World Ex-U.S. Growth Fund (NYSE: <a href="/stock/dnl">DNL</a>).

Analyst Ratings

Aberdeen Emerging Markets Telecommunications & Infrastructure Fund

Goldman Sachs Expects A Correction In Asian Stocks In 2010 (EWY, FXI, SCJ, DNL)

일본의 금융 시장이 변하고 있다. 월요일(10일) 일본의 10년 만기 국채 수익률이 2008년 이후 최고 수준인 1.575%까지 올랐다. 이러한 급격한 상승은 30년 만에 가장 빠른 임금 상승률을 보인 데이터에 이어 일본은행(BOJ)의 추가 금리인상에 대한 기대감을 높였다.
금리인상이 임박함에 따라 투자자들은 이러한 시장 변화를 활용하기 위해 <a href="https://www.benzinga.com/etfs" target="_blank" rel="noopener">일본에 초점을 맞춘 ETF를</a> 평가하고 있다. 주목해야 할 주요 ETF는 다음과 같다.
<h3>iShares MSCI Japan Value ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EWJV#NASDAQ">EWJV</a>)</h3>
일반적으로 금리 상승 환경에서는 성장주보다 가치주가 더 좋은 성과를 낸다. 이 시나리오에서는 iShares MSCI Japan Value ETF에 투자하는 것이 긍정적인 결과를 가져올 수 있다. 이 ETF는 올해 들어 지금까지 7.08% 상승했다. 가치주는 차입금 의존도가 낮고 대차대조표가 튼튼하기 때문에 고금리 환경에서 좋은 성과를 내는 경향이 있다.
<h3>iShares MSCI Japan Small Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCJ#NYSE">SCJ</a>)</h3>
엔화 강세는 대형주에 비해 수출 의존도가 낮은 소형주 일본 주식에 유리할 수 있다. 이 분야에서 주목해야 할 ETF는 iShares MSCI Japan Small Cap ETF로 연초 이후 5.77% 상승했다.
그러나 소형주 투자를 선택하기 전에 투자자는 일본의 실질 임금 인상 모멘텀을 면밀히 따라야 한다. 정규 임금이 30년 만에 가장 큰 폭으로 <a href="https://www.bloomberg.com/news/articles/2025-03-09/japan-sees-fastest-base-pay-gains-in-32-years-in-boost-for-boj?sref=TBDibEcD" target="_blank" rel="noopener">상승했지만,</a> 로이터 통신은 1월 실질 임금이 2년 만에 최고치를 기록한 인플레이션으로 인해 하락했다고 보도했다. 앞으로 몇 달 동안 명목 임금 상승률이 인플레이션을 상회하면 국내 구매력 강화로 소형주가 상승할 수 있다.
<h3>Invesco CurrencyShares Japanese Yen Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXY#NYSE">FXY</a>)</h3>
현재 가능성이 높은 BOJ의 통화정책 긴축은 일본 엔화 강세로 이어질 가능성이 높다. 따라서 BOJ가 정책 스탠스를 조정하면 엔화 강세 혜택을 받을 수 있는 Invesco CurrencyShares Japanese Yen Trust가 현명한 투자 상품이 될 수 있다. 로이터 통신에 따르면 우에다 가즈오 BOJ 총재는 최근 국채 수익률 상승에 대해 시장이 향후 금리인상에 대한 기대감을 반영하고 있다고 말했다.
<h3>BOJ의 정책 경로와 시장 예측</h3>
일본은행은 2024년에 10년간의 통화 부양책을 종료하고 2025년 1월에 단기 금리를 0.25%에서 0.5%로 <a href="https://www.benzinga.com/news/econ-s/25/01/43183053/bank-of-japan-raises-interest-rates-to-pre-2008-levels-amid-trumps-tariff-uncertainties" target="_blank" rel="noopener">인상했다</a>. 이 결정은 일본이 지속 가능한 2% 인플레이션 목표를 달성하기 위한 진전에서 비롯된 것이다.
블룸버그에 따르면 JP모건 체이스는 일본 국채 10년물 수익률의 연말 전망치를 1.55%에서 1.7%로 올렸으며, 일부 투자자들은 수익률이 2%까지 오를 수 있다고 예측했다고 <a href="https://finance.yahoo.com/news/japan-10-yield-highest-since-071046785.html" target="_blank" rel="noopener">야후 파이낸스</a>는 전했다.
사진 출처: Shutterstock
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일본의 핵심 소비자 물가가 1월에 3.2%로 상승하여 19개월 만에 가장 빠른 속도를 기록했다고 로이터가 보도했다. 일본은행(BOJ)이 <a href="https://www.benzinga.com/markets/asia/25/02/43425523/bank-of-japan-signals-further-rate-hikes-possible-amid-inflation-economic-overheating-worries">금리 인상을 계속할 것이라는 기대</a>가 커짐에 따라, 일본 경제 변화를 따르는 투자자들은 다음 세 가지 <a href="https://www.benzinga.com/etfs">일본 주식에 집중된 ETF</a>에 주목할 필요가 있다:
iShares MSCI Japan Index Fund(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWJ#NYSE">EWJ</a>)는 가장 큰 일본 중심 ETF 중 하나이다. EWJ는 다양한 섹터의 주요 일본 기업들을 추적하는 MSCI 일본 지수를 반영한다.
JPMorgan BetaBuilders Japan ETF(BATS:<a class="ticker" href="https://www.benzinga.com/stock/BBJP#BATS">BBJP</a>)는 모닝스타 일본 목표 시장 노출 지수의 성과를 추적하는 것을 목표로 한다. 이 펀드는 일본 주식에 저렴하게 투자할 수 있는 방법을 제공하며, 대형 및 중형 기업에 폭넓게 노출된다.
WisdomTree Japan Hedged Equity Fund(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DXJ#NYSE">DXJ</a>)는 일본 주식에 대한 노출을 제공하면서 엔화의 변동에 대한 헤지를 제공한다. 이 ETF는 해외에서 상당한 비율(20% 이상)의 매출을 올리는 기업에 집중되어 있어(위 DXJ 팩트시트 참조) 강한 미국 달러의 혜택을 받을 수 있다.
또한 읽기: <a href="https://www.benzinga.com/markets/bonds/25/02/43772167/japan-bond-yields-hit-15-year-high-as-gdp-growth-surpasses-expectations-peter-schiff-warns-of-train-wreck">피터 쉬프, &#8216;느린 속도의 열차 충돌&#8217; 재정적 재앙 경고</a>
<h3>잠재적 영향</h3>
일본의 핵심 소비자 물가가 1월에 3.2%로 급등하여 19개월 만에 가장 빠른 속도를 기록했다. 이로 인해 BOJ가 여전히 낮은 금리에서 금리를 계속 인상할 수 있다는 기대감이 커졌다고 로이터는 보도했다. 인플레이션 압력이 커짐에 따라 채권 수익률도 상승하여 2년 만기 일본 국채 수익률이 0.830%로 올라갔으며, 이는 2008년 10월 이후 가장 높은 수준이다.
일본의 인플레이션이 계속 상승하면, 이들 ETF 투자자들은 혼재된 결과를 직면할 수 있다. BOJ가 더 공격적인 금리 인상으로 대응할 경우 기업의 차입 비용이 증가하고 주가에 압박을 가할 수 있으며, 이는 EWJ와 BBJP와 같은 ETF에 영향을 미칠 수 있다.
1월 21일자 노트에서 T. 로우 프라이스(T. Rowe Price)의 공동 포트폴리오 매니저인 빈센트 청(Vincent Chung)은 BOJ의 금리 인상이 여러 차례의 점진적 인상의 첫 번째가 될 수 있다고 언급했다. 그는 정책 금리가 올해 말까지 1% 이상에 도달할 것으로 예상한다고 <a href="https://www.cnbc.com/2025/01/24/bank-of-japan-hikes-policy-rates-by-25-basis-points-to-highest-since-2008.html">CNBC가 보도</a>했다.
로이터는 일본의 인플레이션이 중앙은행의 2% 목표를 거의 3년간 초과해 유지되고 있어, 정책 입안자들에게 추가 조치를 취할 압박을 가하고 있다고 언급했다. BOJ는 이미 <a href="https://www.benzinga.com/news/econ-s/25/01/43183053/bank-of-japan-raises-interest-rates-to-pre-2008-levels-amid-trumps-tariff-uncertainties">단기 금리를 0.25%에서 0.5%로 인상</a>하여 지속 가능한 인플레이션을 달성하기 위한 조치를 취했다.
또한, 금리 인상으로 인한 엔화 강세는 수출 중심 기업에 타격을 줄 수 있으며, 이러한 기업들은 대형주에 주로 해당된다. 이 경우, iShares MSCI Japan Small-Cap ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCJ#NYSE">SCJ</a>)와 같은 일본 소형주를 포함하는 ETF를 고려할 수 있다. WisdomTree Japan Hedged Equity Fund의 환율 헤지 전략은 일부 보호를 제공할 수 있다.
반면, 외부 경제 발전도 중요한 역할을 한다는 점을 잊지 말아야 한다. CNBC는 청의 경고를 인용하여 미국 인플레이션 상승과 지속적인 경제 성장이 이번 분기 후반에 발생할 경우 달러 강세와 엔화 약세로 이어질 수 있다고 보도했다.
인플레이션은 또한 섹터별 영향을 미칠 수 있다. 예를 들어, 금융 및 원자재 관련 주식은 혜택을 받을 수 있지만, 소비자 중심 산업은 압박을 받을 수 있다. 시장의 불확실성과 변동성이 증가하면 이러한 ETF에서 단기적인 변동이 발생할 수 있다.

다음 읽기: 
<ul>
<li><a href="https://www.benzinga.com/etfs/specialty-etfs/25/02/43888012/apples-in-house-modem-chip-sparks-qualcomm-concerns-3-etfs-with-key-exposure">애플의 인하우스 모뎀 칩 출시가 퀄컴에 대한 우려를 촉발하다: 주요 노출이 있는 3개의 ETF</a></li>
</ul>
사진: Shutterstock
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