Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Thematic (Sector/Industry)

<p>On 8<sup>th</sup> July, the outstanding arbitrage position fell to 385 million shares, which is the lowest since February 2009, when the Lehman Crisis was reaching its nadir as far as the Japanese stock market is concerned. What appears to have happened is that the June roll-over was proceeding smoothly and a position of over 500 million shares had been built up in the September contract, three days before SQ, when ETF-related cash programs forced the futures into a discount and traders halted the…</p>

On 8th July, the outstanding arbitrage position fell to 385 million shares, which is the lowest since February 2009, when the Lehman Crisis was reaching its nadir as far as the Japanese stock market is concerned. What appears to have happened is that the June roll-over was proceeding smoothly and a position of over 500 million shares had been built up in the September contract, three days before SQ, when ETF-related cash programs forced the futures into a discount and traders halted the…

Listed Index Fund JPX-Nikkei Index 400 (1592 JP)

Japan Outstanding Futures Arb Position Hits Post-Lehman Low