Back in January, investors could be forgiven for hedging their bets when weighing the chances that China could surprise with a recovery against Japan’s ability to reflate its economy after two decades of disappointment. By the end of January, Hong Kong’s Hang Seng and the Topix were neck-and-neck, up 5 per cent. Then the mood changed. Anyone still betting equally on the two will have given up more than a third of their one-fifth return on Japan covering Hong Kong losses. No surprise that there are anecdotal reports of investors selling the latter to fund Tokyo trades. But switching from China to Japan is simplistic.
今年1月份，一些投资者权衡了manbetx3.0 manbetx20客户端下载 出现令人惊喜复苏态势的概率，并与日本manbetx20客户端下载 在经过令人失望的二十年后重整旗鼓的可能性加以对比，据此对冲自身所持投资头寸。这种做法在当时情有可原。至1月末，香港恒生指数(Hang Seng)和日本基准股指东证指数(Topix)的走势并驾齐驱，均上涨5个百分点。随后，市场情绪发生了变化。任何仍在日本和香港股市等量下注的投资者，都将从在日本股市实现的超过20%的收益中拿出三分之一，用于填补其在香港市场所受损失。难怪有基于传闻的报道称，一些投资者正卖出港股头寸，挪出资金以交易日本股票。但是，从manbetx3.0 市场转向日本市场，仍是一种过于简单化的处理方式。