Cheap Shares Jump in Tokyo as Expensive Defensives Slide: Chart

The least-loved stocks in Tokyo are staging a comeback as the air goes out of a rally in defensive shares. Investors have been shifting from drugmakers and food companies, which surged to records last year as traders sought safety and yield. They’re buying financial stocks and firms likely to benefit from a weaker yen as the U.S. prepares to raise interest rates, according to Makoto Furukawa, chief portfolio strategist at Mitsubishi UFJ Morgan Stanley Securities Co., who says he expects the trend to continue.