Lex is a premium daily commentary service from the Financial Times. It helps readers make better investment decisions by highlighting key emerging risks and opportunities.
Being one of only two stocks to have made losses in a bull market is like watching everyone go out to play while you’ve been grounded. Fanuc and Nikon are the wallflowers of the blue-chip Topix 100. But with the gain in the Japanese index now one-third already this year, and the index’s forward price/earnings ratio climbing 12 per cent just this month, then stocks that have not rocketed should interest bargain hunters.