Global hedge funds return

Japan’s stock market has surged upwards since hitting a 20-year low in April, and for the first time in a couple of years, global hedge fund managers have played a key role in the market’s rally. Saima Farooqi reports

To say that Japan’s equity market has had a volatile few months would be an extreme understatement.Since hitting 20-year lows at the end of April, the Nikkei 225 stock index hasshot up by around 46% to hit a year high in mid-October, before dropping back10% by the end of November. At the centre of this rally has been the participationof global macro hedge funds, many of whom have been piling back into the Japanesestock market for the first time in a couple of years, sharply pushing up