Japan’s Impossible Position Has Top Aussie Manager Keeping Clear
- Magellan’s Douglass says ‘little evidence’ Abe policy working
- More immigration, labor market changes needed to stoke growth
Checking the Health of the Japanese Economy
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Japan’s sluggish economy is stuck in an “almost impossible position” and those betting on a recovery any time soon will be disappointed, according to Australia’s best-performing global share fund manager.
Hamish Douglass, who oversees A$39.4 billion ($30 billion) at Sydney-based Magellan Financial Group, said he’s steering clear of companies with large exposures to the world’s third-biggest economy as there’s “little evidence” that Prime Minister Shinzo Abe’s stimulus measures are working. The country needs to make changes to its labor market and welcome new migrants to offset the effects of an ageing population, he said.