Barings: Weaker Yen Just the Beginning for Japanese Stocks

The rally in Japanese stocks is still in its early stages and is based on more than a weakening currency, said Hayes Miller, Head of Asset Allocation for Baring Asset Management. Miller added that Prime Minister Shinzo Abe's reforms are creating an equity culture among Japanese investors and corporations that will also push shares higher. Similarly, he said the rally in European stocks is also just getting started and lower oil prices are benefiting corporations along with the sinking Euro. Finally, Miller said China is a stockpicker's market because the leadership is less focused on growing the economy.