CINXE.COM

<!DOCTYPE html> <html lang="en"> <head><script type="text/javascript" src="/_static/js/bundle-playback.js?v=HxkREWBo" charset="utf-8"></script> <script type="text/javascript" src="/_static/js/wombat.js?v=txqj7nKC" charset="utf-8"></script> <script>window.RufflePlayer=window.RufflePlayer||{};window.RufflePlayer.config={"autoplay":"on","unmuteOverlay":"hidden"};</script> <script type="text/javascript" src="/_static/js/ruffle/ruffle.js"></script> <script type="text/javascript"> __wm.init("https://web.archive.org/web"); __wm.wombat("http://asia.nikkei.com/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action","20160811090731","https://web.archive.org/","web","/_static/", "1470906451"); </script> <link rel="stylesheet" type="text/css" href="/_static/css/banner-styles.css?v=S1zqJCYt" /> <link rel="stylesheet" type="text/css" href="/_static/css/iconochive.css?v=3PDvdIFv" />  <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/> <meta http-equiv="Content-Script-Type" content="text/javascript"/> <meta http-equiv="Content-Style-Type" content="text/css"/> <meta http-equiv="Pragma" content="no-cache"/> <meta http-equiv="Cache-Control" content="no-cache, must-revalidate"/> <meta http-equiv="Expires" content="-1"/> <meta http-equiv="X-UA-Compatible" content="IE=edge"/> <meta name="keywords" content="Market,Scramble:,Bargain,hunters,missing,action"/> <meta name="description" content="TOKYO -- The stock market here is expected to heat up as the Japanese fiscal year ends this month, yet the trading volume at Tokyo's main index hardly"/> <meta name="date" content="2016-03-25 05:00:00"/> <meta name="twitter:card" content="summary"/> <meta name="twitter:site" content="@NAR"/> <meta property="og:title" content="Market Scramble: Bargain hunters missing out on action- Nikkei Asian Review"/> <meta property="og:type" content="article"/> <meta property="og:description" content="TOKYO -- The stock market here is expected to heat up as the Japanese fiscal year ends this month, yet the trading volume at Tokyo's main index hardly"/> <meta property="og:image" content="https://web.archive.org/web/20160811090731im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/settings/common-setting/9833-180-eng-GB/Common-setting.png"> <title>Market Scramble: Bargain hunters missing out on action- Nikkei Asian Review</title> <meta property="og:url" content="https://web.archive.org/web/20160811090731/http://asia.nikkei.com/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action"/> <meta property="og:site_name" content="Nikkei Asian Review"/> <link rel="canonical" href="https://web.archive.org/web/20160811090731/http://asia.nikkei.com/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action"/> <link rel="apple-touch-icon-precomposed" href="/web/20160811090731im_/http://asia.nikkei.com/apple-touch-icon-precomposed.png"> <link rel="stylesheet" href="/web/20160811090731cs_/http://asia.nikkei.com/css/jquery-ui-1.10.3.custom.min.css"/> <link rel="stylesheet" href="/web/20160811090731cs_/http://asia.nikkei.com/css/common_v018.css"/> <link rel="stylesheet" href="/web/20160811090731cs_/http://asia.nikkei.com/css/style_v034.css"/> <link rel="stylesheet" href="/web/20160811090731cs_/http://asia.nikkei.com/css/custom/modal_v004.css"/> <link rel="stylesheet" href="/web/20160811090731cs_/http://asia.nikkei.com/extension/ezfind/design/standard/stylesheets/ezajax_autocomplete.css"/> <script src="/web/20160811090731js_/http://asia.nikkei.com/JavaScript/jquery-1.10.1.min.js"></script> <script src="/web/20160811090731js_/http://asia.nikkei.com/JavaScript/jquery-ui-1.10.3.custom.min.js"></script> <script src="/web/20160811090731js_/http://asia.nikkei.com/JavaScript/nar_v028.js"></script> <script src="/web/20160811090731js_/http://asia.nikkei.com/JavaScript/slider_v001.js"></script> <script type="text/javascript"> var googletag = googletag || {}; googletag.cmd = googletag.cmd || []; (function() { var gads = document.createElement("script"); gads.async = true; gads.type = "text/javascript"; var useSSL = "https:" == document.location.protocol; gads.src = (useSSL ? "https:" : "http:") + "//web.archive.org/web/20160811090731/http://www.googletagservices.com/tag/js/gpt.js"; node =document.getElementsByTagName("script")[0]; node.parentNode.insertBefore(gads, node); })(); </script> <script type="text/javascript"> googletag.cmd.push(function() { googletag.defineSlot('/7049/NikkeiEnglish_728*90', [728, 90], 'div-gpt-ad-1375148224113-0').addService(googletag.pubads()); googletag.defineSlot('/7049/NikkeiEnglish_300*250_1', [300, 250], 'div-gpt-ad-1375148072299-0').addService(googletag.pubads()); googletag.defineSlot('/7049/NikkeiEnglish_300*250_2', [300, 250], 'div-gpt-ad-1375260461786-0').addService(googletag.pubads()); googletag.defineSlot('/7049/NikkeiEnglish_300*250_3', [300, 250], 'div-gpt-ad-1404116812193-0').addService(googletag.pubads()); googletag.defineSlot('/7049/NikkeiEnglish_InRead_Article', [1, 1],'div-gpt-ad-1396427317542-0').addService(googletag.pubads()); googletag.defineSlot('/7049/NikkeiEnglish_InBoard_Article', [1, 1], 'div-gpt-ad-1410933087819-0').addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); }); </script> <script type="text/javascript"> var YUI3_config = {base: "/extension/ezjscore/design/standard/lib/yui/3.9.0/build/", modules: {}, combine: false}; var YUI2_config = {base: "/extension/ezjscore/design/standard/lib/yui/2.8.2/build/", modules: {}, combine: false}; </script> <script type="text/javascript" src="/web/20160811090731js_/http://asia.nikkei.com/js/7bebe13.js"></script> <script type="text/javascript">  </script> <script type="text/javascript"></script> <script>(function() { var _fbq = window._fbq || (window._fbq = []); if (!_fbq.loaded) { var fbds = document.createElement('script'); fbds.async = true; fbds.src = '//web.archive.org/web/20160811090731/http://connect.facebook.net/en_US/fbds.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(fbds, s); _fbq.loaded = true; } _fbq.push(['addPixelId', '1076130949081971']); })(); window._fbq = window._fbq || []; window._fbq.push(['track', 'PixelInitialized', {}]); </script> <noscript><img height="1" width="1" alt="" style="display:none" src="https://web.archive.org/web/20160811090731im_/https://www.facebook.com/tr?id=1076130949081971&ev=PixelInitialized"/></noscript> <script src="//web.archive.org/web/20160811090731js_/http://assets.adobedtm.com/43692acb8f62beca52063bd53825dcc138f4617b/satelliteLib-f0b759d61953ea549c6cc70abb26c8ddca3274f5.js"></script> <script type="text/javascript" src="/web/20160811090731js_/http://asia.nikkei.com/js/9bf5c52.js"></script> <script type="text/javascript">  </script> <script type="text/javascript">  </script> </head> <body> <div id="fb-root"></div> <script type="text/javascript"> window.fbAsyncInit = function() { // FB initialize FB.init({ appId : '250799988299057', xfbml : true, version : 'v2.5' }); // Subscribe to the Like event FB.Event.subscribe('edge.create',function(response){ var narURL = window.location.href; ga('send', 'social', { 'socialNetwork': 'Facebook', 'socialAction': 'follow', 'socialTarget': narURL }); ga('send', 'event', 'Facebook', 'follow', 'Facebook-follow',0, {nonInteraction:true}); }); // Subscribe to the UnLike event FB.Event.subscribe('edge.remove',function(response){ var narURL = window.location.href; ga('send', 'social', { 'socialNetwork': 'Facebook', 'socialAction': 'unfollow', 'socialTarget': narURL }); ga('send', 'event', 'Facebook', 'unfollow', 'Facebook-unfollow',0, {nonInteraction:true}); }); }; (function(d, s, id){ var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) {return;} js = d.createElement(s); js.id = id; js.src = "//web.archive.org/web/20160811090731/http://connect.facebook.net/en_US/sdk.js"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk')); window.twttr = (function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0], t = window.twttr || {}; if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = "https://web.archive.org/web/20160811090731/https://platform.twitter.com/widgets.js"; fjs.parentNode.insertBefore(js, fjs); t._e = []; t.ready = function(f) { t._e.push(f); }; return t; }(document, "script", "twitter-wjs")); </script>  <div id="header"> <div class="header-banner">  <div id="div-gpt-ad-1375148224113-0" style="width:728px; height:90px;"> <script type="text/javascript"> googletag.cmd.push(function() { googletag.display('div-gpt-ad-1375148224113-0'); }); </script> </div> <div id="login_before" class=""><a href="https://web.archive.org/web/20160811090731/https://regist.asia.nikkei.com/member/register/?n_cid=NARAN041"><img src="/web/20160811090731im_/http://asia.nikkei.com/static/pr/20160107-pc_header230x90.jpg" alt=""/></a></div> <div id="login_after" class="display_none"><a href="/web/20160811090731/http://asia.nikkei.com/magazine/?n_cid=NARAN068"><img src="/web/20160811090731im_/http://asia.nikkei.com/static/pr/20160107-pc_header230x90_rtm.jpg" alt=""/></a></div> <script language="JavaScript" type="text/javascript"> NAR_js.pr_header(); </script> </div> <div class="header-content"> <div class="logo"><a href="/web/20160811090731/http://asia.nikkei.com/"><img src="/web/20160811090731im_/http://asia.nikkei.com/images/img_logo.png" alt="Nikkei Asian Review"/></a></div> <div class="header-tool"> <ul class="base-list"> <li class="sp-l-menu ct_hidden"><a href="javascript:void(0)" class="js_balloon">Log in</a></li> <li class="sp-l-menu"><a href="/web/20160811090731/http://asia.nikkei.com/member/register/?n_cid=NARAN040">Subscribe</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/about">About Nikkei Asian Review</a></li> </ul> <div> <div class="change-region">Sort by Region <table> <tr> <td><a href="/web/20160811090731/http://asia.nikkei.com/search/findByRegion?facet_region=1">Mainland China</a></td> <td><a href="/web/20160811090731/http://asia.nikkei.com/search/findByRegion?facet_region=2">North Korea</a></td> </tr> <tr> <td><a href="/web/20160811090731/http://asia.nikkei.com/search/findByRegion?facet_region=3">South Korea</a></td> <td><a href="/web/20160811090731/http://asia.nikkei.com/search/findByRegion?facet_region=4">Japan</a></td> </tr> <tr> <td><a href="/web/20160811090731/http://asia.nikkei.com/search/findByRegion?facet_region=5">Taiwan</a></td> <td><a href="/web/20160811090731/http://asia.nikkei.com/search/findByRegion?facet_region=6">Hong Kong, Macau</a></td> </tr> <tr> <td><a href="/web/20160811090731/http://asia.nikkei.com/search/findByRegion?facet_region=7">Vietnam</a></td> <td><a href="/web/20160811090731/http://asia.nikkei.com/search/findByRegion?facet_region=8">Laos, Cambodia, Myanmar</a></td> </tr> <tr> <td><a href="/web/20160811090731/http://asia.nikkei.com/search/findByRegion?facet_region=9">Thailand</a></td> <td><a href="/web/20160811090731/http://asia.nikkei.com/search/findByRegion?facet_region=10">Malaysia</a></td> </tr> <tr> <td><a href="/web/20160811090731/http://asia.nikkei.com/search/findByRegion?facet_region=11">Singapore</a></td> <td><a href="/web/20160811090731/http://asia.nikkei.com/search/findByRegion?facet_region=12">Philippines</a></td> </tr> <tr> <td><a href="/web/20160811090731/http://asia.nikkei.com/search/findByRegion?facet_region=13">Indonesia</a></td> <td><a href="/web/20160811090731/http://asia.nikkei.com/search/findByRegion?facet_region=14">India</a></td> </tr> <tr> <td><a href="/web/20160811090731/http://asia.nikkei.com/search/findByRegion?facet_region=15">Pakistan, Bangladesh,Sri Lanka, Nepal, Bhutan</a></td> <td><a href="/web/20160811090731/http://asia.nikkei.com/search/findByRegion?facet_region=16">Mongolia, Central Asia, Afghanistan</a></td> </tr> <tr> <td><a href="/web/20160811090731/http://asia.nikkei.com/search/findByRegion?facet_region=17">Russia, Caucasus</a></td> <td><a href="/web/20160811090731/http://asia.nikkei.com/search/findByRegion?facet_region=18">Australia, New Zealand, Pacific Islands</a></td> </tr> <tr> <td><a href="/web/20160811090731/http://asia.nikkei.com/search/findByRegion?facet_region=19">Turkey</a></td> <td><a href="/web/20160811090731/http://asia.nikkei.com/search/findByRegion?facet_region=20">Iran</a></td> </tr> <tr> <td><a href="/web/20160811090731/http://asia.nikkei.com/search/findByRegion?facet_region=21">Middle East, North Africa</a></td> <td><a href="/web/20160811090731/http://asia.nikkei.com/search/findByRegion?facet_region=22">Sub-Saharan Africa</a></td> </tr> <tr> <td><a href="/web/20160811090731/http://asia.nikkei.com/search/findByRegion?facet_region=23">Europe</a></td> <td><a href="/web/20160811090731/http://asia.nikkei.com/search/findByRegion?facet_region=24">North America</a></td> </tr> <tr> <td><a href="/web/20160811090731/http://asia.nikkei.com/search/findByRegion?facet_region=25">Latin America</a></td> </tr> </table> </div> <div> <form name="searchHeadArticles" action="/web/20160811090731/http://asia.nikkei.com/search/find"> <div class="search-box" id="ezautocomplete"> <input id="SearchText" class="pHolder" name="search_keyword" autocomplete="off" type="text" title="Search articles"/> <a href="#">search</a> <div id="header-autocomplete-rs"></div> </div> </form> <script language="JavaScript" type="text/javascript"> jQuery('#header-autocomplete-rs').css('width', '174px'); var autocomplete = new eZAJAXAutoComplete({ url: "/ezjscore/call/custom::autocomplete", inputid: 'SearchText', containerid: 'header-autocomplete-rs', minquerylength: 2, resultlimit: 5 }); </script> </div> <div> <form name="searchHeadCompanies" action="/web/20160811090731/http://asia.nikkei.com/Company/SearchResults"> <div class="search-box" id="ezautocomplete"> <input id="SearchText" class="pHolder" name="search_keyword" autocomplete="off" type="text" title="Search companies"/> <a href="#">search</a> </div> </form> </div> </div> </div> <div id="modal-login-balloon"> <div class="js_form-login-balloon_loading-layer" style="position: absolute; top: 0; left: 0; right: 0; bottom: 0; background: rgba(255, 255, 255, 0.3); z-index: 120; display: none;"></div> <img src="/web/20160811090731im_/http://asia.nikkei.com/images/bg_load_2.gif" alt="loading..." class="js_form-login-balloon_loading-img" style="position: absolute; top: 50%; left: 50%; margin-left: -24px; margin-top: -24px; z-index: 150; display: none;"/> <form id="js_form-login-balloon" class="bg" action="https://web.archive.org/web/20160811090731/https://regist.asia.nikkei.com/member/auth/login/process"> <div class="login-form"> <h3 class="title">Log in</h3> <div class="input-form"> <dl> <dt>E-mail address/ID</dt> <dd class="js_valid js_notnull js_type_loginId"> <input type="text" class="js_vc-mail" name="formLogin[loginId]" id="js_form-login-balloon_loginId" msg_require="Please enter your e-mail address/ID" msg_type="Please enter valid e-mail address/ID" maxlength="100" style="ime-mode: disabled;"/> <p class="error"></p> </dd> <dt>Password<span class="arrow"><a href="/web/20160811090731/http://asia.nikkei.com/member/password/" tabindex="-1">Forgot password?</a></span></dt> <dd class="js_valid js_notnull"> <input type="password" name="formLogin[password]" id="js_form-login-balloon_password" msg_require="Please enter your password" maxlength="30"/> <p class="error"></p> </dd> </dl> <div><label><input type="checkbox" checked="checked" name="formLogin[rememberMe]" id="js_form-login-balloon_rememberMe"/>Remember me</label></div> <div class="login-btn"><button type="submit" id="login-balloon-submit" class="general-submit-btn js_btn-submit"><span>Log in</span></button></div> <input type="hidden" name="formLogin[mode]" id="js_form-login-balloon_mode" value="NORMAL"/> </div> </div> </form> <a class="close-btn js_close">close</a> <script type="text/javascript"></script> </div> </div> <div class="navigation active"> <div class="inner"> <ul> <li><a href="/web/20160811090731/http://asia.nikkei.com/">Home</a></li> <li class="list-open"> <a href="/web/20160811090731/http://asia.nikkei.com/Politics-Economy/">Politics & Economy</a> <div class="list-menu"> <ul> <li><a href="/web/20160811090731/http://asia.nikkei.com/Politics-Economy/Policy-Politics">Policy & Politics</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Politics-Economy/Economy/">Economy</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Politics-Economy/International-Relations/">International Relations</a></li> </ul> </div> </li> <li class="list-open"> <a href="/web/20160811090731/http://asia.nikkei.com/Business/">Business</a> <div class="list-menu"> <ul> <li><a href="/web/20160811090731/http://asia.nikkei.com/Business/Companies/">Companies</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Business/AC">  Asia300</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Business/Trends/">Trends</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Business/Deals">Deals</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Business/Executive-Lounge">Executive Lounge</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Business/Consumers/">Consumers</a></li> </ul> </div> </li> <li class="list-open"> <a href="/web/20160811090731/http://asia.nikkei.com/Markets/">Markets</a> <div class="list-menu"> <ul> <li><a href="/web/20160811090731/http://asia.nikkei.com/Markets/Capital-Markets/">Capital Markets</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Markets/Equities">Equities</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Markets/Currencies/">Currencies</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Markets/Commodities/">Commodities</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Markets/Property/">Property</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Markets/Tokyo-Market/">Tokyo Market</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Markets/Nikkei-PMI/">Nikkei PMI</a></li> </ul> </div> </li> <li class="list-open"> <a href="/web/20160811090731/http://asia.nikkei.com/Tech-Science/">Tech & Science</a> <div class="list-menu"> <ul> <li><a href="/web/20160811090731/http://asia.nikkei.com/Tech-Science/Tech/">Tech</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Tech-Science/Science/">Science</a></li> </ul> </div> </li> <li class="list-open"> <a href="/web/20160811090731/http://asia.nikkei.com/Viewpoints/">Viewpoints</a> <div class="list-menu"> <ul> <li><a href="/web/20160811090731/http://asia.nikkei.com/Viewpoints/Viewpoints/">Viewpoints</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Viewpoints/Editorial/">Editorial</a></li> </ul> </div> </li> <li class="list-open"> <a href="/web/20160811090731/http://asia.nikkei.com/Life-Arts/">Life & Arts</a> <div class="list-menu"> <ul> <li><a href="/web/20160811090731/http://asia.nikkei.com/Life-Arts/Life/">Life</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Life-Arts/Arts/">Arts</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Life-Arts/Japan-Trends/">Japan Trends</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Life-Arts/Education/">Education</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Life-Arts/Milestone/">Milestone</a></li> </ul> </div> </li> <li class="list-open"> <a>Features</a> <div class="list-menu"> <ul> <li><a href="/web/20160811090731/http://asia.nikkei.com/Features/Thai-referendum/">Thai referendum</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Features/South-China-Sea-arbitration/">South China Sea arbitration</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Features/Brexit/">Brexit</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Features/The-Future-of-Asia-2016/">The Future of Asia 2016</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Features/Duterte-s-Philippines/">Duterte's Philippines</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Features/China-up-close/">China up close</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Features/CEO-in-the-news/">CEO in the news</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Features/Company-in-focus/">Company in focus</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Features/Tea-Leaves/">Tea Leaves</a></li> </ul> </div> </li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Japan-Update/">Japan Update</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/magazine">Print Edition</a></li> </ul> </div> </div> </div> <div id="content"> <div class="primary"> <div class="topic-path"> <ul> <li class=""><a href="/web/20160811090731/http://asia.nikkei.com/Markets">Markets</a></li><li class="last"><a href="/web/20160811090731/http://asia.nikkei.com/Markets/Tokyo-Market">Tokyo Market</a></li> </ul> </div> <div class="article detail-area"> <div class="icon-area"> <ul class="snsicon-list"> <li class="print" style="display:none;"><a href="/web/20160811090731/http://asia.nikkei.com/print/article/162186" target="_blank">Print</a></li> <li class="Facebook"><a href="https://web.archive.org/web/20160811090731/https://www.facebook.com/sharer/sharer.php?u=http://s.nikkei.com/1SjYPWL&t=Market%20Scramble%3A%20Bargain%20hunters%20missing%20out%20on%20action-%20Nikkei%20Asian%20Review" target="_blank">Facebook</a></li> <li class="Twitter"><a href="https://web.archive.org/web/20160811090731/https://twitter.com/share?url=http://s.nikkei.com/1SjYPWL&text=Market%20Scramble%3A%20Bargain%20hunters%20missing%20out%20on%20action-%20Nikkei%20Asian%20Review" target="_blank">Twitter</a></li> <li class="LinkedIn"><a href="https://web.archive.org/web/20160811090731/http://www.linkedin.com/shareArticle?mini=true&url=http://s.nikkei.com/1SjYPWL&title=Market%20Scramble%3A%20Bargain%20hunters%20missing%20out%20on%20action-%20Nikkei%20Asian%20Review" target="_blank">LinkedIn</a></li> <li class="Google"><a href="https://web.archive.org/web/20160811090731/https://plus.google.com/share?url=http://s.nikkei.com/1SjYPWL" target="_blank">Google+</a></li> <li class="Mail"><a href="https://web.archive.org/web/20160811090731/mailto:/?subject=Market%20Scramble%3A%20Bargain%20hunters%20missing%20out%20on%20action&body=Here%20is%20something%20from%20Nikkei%20Asian%20Review%20that%20might%20interest%20you%3A%0D%0AMarket%20Scramble%3A%20Bargain%20hunters%20missing%20out%20on%20action%0D%0Ahttp://s.nikkei.com/1SjYPWL">Mail</a></li> </ul> </div> <div class="article-box"> <div class="detail"> <div class="feature-article"> <div class="date-area">March 25, 2016 5:00 am JST</div> <h1 class="title">Market Scramble: Bargain hunters missing out on action</h1> <p>TAKENORI MIYAMOTO, Nikkei staff writer</p> </div> </div> </div> <div class="article-box detail"> <div class="wysiwyg_area"> <div class="articleBodyText"> <p>TOKYO -- The stock market here is expected to heat up as the Japanese fiscal year ends this month, yet the trading volume at Tokyo's main index hardly budged Thursday. So what happened to all the buyers -- especially the bargain hunters?</p><p>     "To say that foreign buying was sluggish because of market holidays this week in the West would just be an ancillary reason," said a trader working for a major Japanese brokerage. "There was little appetite to buy to begin with." Foreigners sold nearly 1.2 trillion yen ($10.6 billion) on a net basis during the five days ending March 11, a new record. However, long-term investors are currently sitting on their hands, along with hedge funds and other short-term traders.</p><div class="page_limit free"></div><div class="page_limit"></div><p>     Japanese stocks are now late bloomers by global standards. Although the Dow Jones Industrial Average pretty much bounced back to where it was at the end of last year, the Nikkei Stock Average is still 11% below that threshold, following the Shanghai market in weakness.</p><p>     The average forward price-earning ratio for the first section of the Tokyo Stock Exchange stands at 15, well below Wall Street's 19 ratio. <a href="/web/20160811090731/http://asia.nikkei.com/Company/003K89-E" target="_self" alt="003K89-E" class="mwMoTrg">Toyota Motor</a>'s P/E ratio has stalled in the single digits, and Hitachi's price-to-book ratio has hovered below 1. Although concerns persist surrounding the currency impact on earnings, now is a good time for overseas funds specializing in value stocks to come snap up Japanese equities.</p><p>     But the opposite is happening. Japanese stocks account for 13% of the assets held by the Dodge & Cox International Stock Fund, a major fund based in the U.S. But this year the Dodge & Cox dumped some of its shares in Japanese manufacturer <a href="/web/20160811090731/http://asia.nikkei.com/Company/05HWRF-E" target="_self" alt="05HWRF-E" class="mwMoTrg">NGK Spark Plug</a>.</p><p>    American value funds, which had been acquiring large volumes of Japanese stocks, have seen net assets under management decline. Maybe they're boxed in due to outflows, mused  a broker in New York who sells Japanese stocks to Wall Street investors.</p><p>     For example, Dodge & Cox's main value fund had net assets of $49.6 billion at the end of February, down 30% from a year earlier. Since Japanese stocks account for around 15% of leading value funds, those equities would likely suffer the brunt of a mass exodus of investors.</p><p>     Money is instead being channeled to minimum-variance vehicles, which are designed to minimize losses in bear markets. Those funds are populated with pricey stocks that undergo smaller swings in bear markets.</p><p>     With premium stocks gaining new popularity through those vehicles, value stocks get left behind. Funds investing in value stocks will likely underperform in comparison, according to Masahiro Fukuda, investment director at Fidelity Investments Japan. That in turn will drive away more investors from value funds.</p><p>     The large-scale monetary easing programs taken on by the central banks are partly responsible for the stampede to minimum-variance funds. Investment money that took shelter in government bonds have now shifted to stocks amid nosediving yields. But despite the efforts of central banks to drive up the value of risky assets, value funds featuring Japanese stocks have found themselves left in the cold. </p> </div> </div> <div id="modal-screen_zoom"></div> </div> <div id="05HWRF-E" class="cmp-smy-balloon"> <div class="cmp-smy-balloon-inr"> <h3 class="mwmo-title"><a href="/web/20160811090731/http://asia.nikkei.com/Company/05HWRF-E">NGK SPARK PLUG CO., LTD.</a></h3> <p class="a300ctry">Japan</p> <table> <tr> <th>Market(Ticker):</th> <td>TKS(5334)</td> </tr> <tr> <th>Sector:<br>Industry:</th> <td>Producer Manufacturing<br>Auto Parts: OEM</td> </tr> <tr> <th>Market cap(USD):</th> <td>4,033.16M</td> </tr> <tr> <th>Shares:</th> <td>223.54M</td> </tr> </table> <div class="more"> <a href="/web/20160811090731/http://asia.nikkei.com/Company/05HWRF-E">about NGK SPARK PLUG CO., LTD.</a> </div> </div> </div> <div id="003K89-E" class="cmp-smy-balloon"> <div class="cmp-smy-balloon-inr"> <h3 class="mwmo-title"><a href="/web/20160811090731/http://asia.nikkei.com/Company/003K89-E">Toyota Motor Corp.</a></h3> <p class="a300ctry">Japan</p> <table> <tr> <th>Market(Ticker):</th> <td>TKS(7203)</td> </tr> <tr> <th>Sector:<br>Industry:</th> <td>Consumer Durables<br>Motor Vehicles</td> </tr> <tr> <th>Market cap(USD):</th> <td>195,825.69M</td> </tr> <tr> <th>Shares:</th> <td>3,337.99M</td> </tr> </table> <div class="more"> <a href="/web/20160811090731/http://asia.nikkei.com/Company/003K89-E">about Toyota Motor Corp.</a> </div> </div> </div>  <div class="pagination no-border"></div> <div class="related-company"> <h2 class="related-header">Related companies</h2> <p class="company-list"> <a href="/web/20160811090731/http://asia.nikkei.com/Company/05HWRF-E">NGK SPARK PLUG CO., LTD.</a>, <a href="/web/20160811090731/http://asia.nikkei.com/Company/003K89-E">Toyota Motor Corp.</a> </p> </div> <div class="related-list"> <p class="related-header">Related stories</p> <ul class="point-list"> <li><a href="/web/20160811090731/http://asia.nikkei.com/Markets/Tokyo-Market/Nearly-1-in-3-IPOs-miss-initial-offer-in-Japan">Nearly 1 in 3 IPOs miss initial offer in Japan</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Markets/Currencies/Strong-yen-seen-persisting-into-April">Strong yen seen persisting into April </a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/Markets/Tokyo-Market/Market-Scramble-Debt-ratio-less-of-a-concern-in-a-negative-rate-world">Market Scramble: Debt ratio less of a concern in a negative rate world</a></li> </ul> </div> <div class="OUTBRAIN" data-src="https://web.archive.org/web/20160811090731oe_/http://asia.nikkei.com/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action" data-widget-id="AR_1" data-ob-template="Nikkei_Asian_Review_EN"></div> <div class="OUTBRAIN" data-src="https://web.archive.org/web/20160811090731oe_/http://asia.nikkei.com/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action" data-widget-id="AR_3" data-ob-template="Nikkei_Asian_Review_EN"></div> <script class="OUTBRAIN" type="text/javascript" async="async" src="//web.archive.org/web/20160811090731js_/http://widgets.outbrain.com/outbrain.js"></script> <div class="link-box GCCMD_removeall">  <h2 class="title">Follow Nikkei Asian Review</h2> <div class="follow-nar"> <dl> <dt><div class="fb-like" data-href="https://www.facebook.com/nikkeiasianreview/" data-layout="button_count" data-action="like" data-show-faces="false" data-share="false"></div></dt> <dd class="Facebook">The best content posted</dd> <dt class="Twitter"><a href="https://web.archive.org/web/20160811090731/https://twitter.com/NAR" class="twitter-follow-button" data-show-count="false">Follow @NAR</a> </dt> <dd class="Twitter">The latest headlines tweeted</dd> </dl> </div> </div> </div> <script type="text/javascript">  </script> <script type="text/javascript">  </script> <script>  </script> <link rel="stylesheet" href="/web/20160811090731cs_/http://asia.nikkei.com/css/article_pagination_v001.css"/> <script type="text/javascript" src="/web/20160811090731js_/http://asia.nikkei.com/js/497390b.js"></script> <script type="text/javascript">  </script> </div> <div class="secondary"> <script type="text/javascript" src="https://web.archive.org/web/20160811090731js_/http://www.nikkei.co.jp/gifdata/indices.js"></script> <script src="/web/20160811090731js_/http://asia.nikkei.com/JavaScript/custom/market_v001.js"></script> <div class="link-box GCCMD_removeall"> <h5 class="title">Market data</h5> <table class="market-data"> <tr class="odd"> <th>Nikkei 225</th> <td> <script type="text/javascript"> document.write(NK225_CUR); </script> </td> <script type="text/javascript"> diffValue(NK225_DIFF); diffPercent(NK225_CUR,NK225_DIFF); </script> </tr> <tr> <th>DJIA</th> <td> <script type="text/javascript"> document.write(DJIA_D_CUR); </script> </td> <script type="text/javascript"> diffValue(DJIA_D_DIFF); diffPercent(DJIA_D_CUR,DJIA_D_DIFF); </script> </tr> <tr class="odd"> <th>Hang Seng</th> <td> <script type="text/javascript"> document.write(HANS_CUR); </script> </td> <script type="text/javascript"> diffValue(HANS_DIFF); diffPercent(HANS_CUR,HANS_DIFF); </script> </tr> <tr> <th>USD/JPY</th> <td> <script type="text/javascript"> document.write(usjpA_CUR); </script> </td> <script type="text/javascript"> diffValue(usjpA_DIFF); diffPercent(usjpA_CUR,usjpA_DIFF); </script> </tr> <tr class="odd"> <th>USD/CNY</th> <td> <script type="text/javascript"> document.write(cnusA_CUR); </script> </td> <script type="text/javascript"> diffValue(cnusA_DIFF); diffPercent(cnusA_CUR,cnusA_DIFF); </script> </tr> </table> <div>Data delayed by at least 15 minutes.</div> <div class="more"><a href="https://web.archive.org/web/20160811090731/http://indexes.nikkei.co.jp/en/nkave/index/component" target="_blank">Nikkei 225 Components</a></div> <div class="more"><a href="https://web.archive.org/web/20160811090731/http://indexes.nikkei.co.jp/en/nkave" target="_blank">About Nikkei Indexes</a></div> </div> <div class="rectangle">  <div id="div-gpt-ad-1375148072299-0" style="width:300px;"> <script type="text/javascript"> googletag.cmd.push(function() { googletag.display('div-gpt-ad-1375148072299-0'); }); </script> </div> </div>  <div class="link-box"> <h5 class="title">Follow Nikkei Asian Review</h5> <table class="follow-nar"> <tr> <th><div class="fb-like" data-href="https://www.facebook.com/nikkeiasianreview/" data-layout="button_count" data-action="like" data-show-faces="false" data-share="false"></div></th> <td class="Facebook">The best content posted</td> </tr> <tr> <th><a href="https://web.archive.org/web/20160811090731/https://twitter.com/NAR" class="twitter-follow-button" data-show-count="false">Follow @NAR</a> </th> <td class="Twitter">The latest headlines tweeted</td> </tr> </table> </div> <div class="link-box "> <h5 class="title"><a href="/web/20160811090731/http://asia.nikkei.com/Latestheadlines">Latest headlines</a></h5> <ul class="headline-list"> <li> <a href="/web/20160811090731/http://asia.nikkei.com/Politics-Economy/Economy/New-Zealand-cuts-rate-to-record-low">New Zealand cuts rate to record low</a> </li> <li> <a href="/web/20160811090731/http://asia.nikkei.com/Business/Companies/China-s-Xiaomi-stumbling-after-branding-missteps">China's Xiaomi stumbling after branding missteps</a> </li> <li> <a href="/web/20160811090731/http://asia.nikkei.com/Politics-Economy/Policy-Politics/World-Bank-unit-s-wage-scandal-at-Tata-tea-estates-a-lesson-in-due-diligence">World Bank unit's wage scandal at Tata tea estates a lesson in due diligence</a> </li> <li> <a href="/web/20160811090731/http://asia.nikkei.com/Markets/Currencies/China-marks-time-in-march-toward-international-yuan">China marks time in march toward international yuan</a> </li> <li> <a href="/web/20160811090731/http://asia.nikkei.com/Viewpoints/Viewpoints/Minxin-Pei-Why-China-s-elites-worry-about-the-country-s-future"><span class="sub-title-s">Commentary: </span>Minxin Pei -- Why China's elites worry about the country's future</a> </li> </ul> <div class="more"><a href="/web/20160811090731/http://asia.nikkei.com/Latestheadlines">more</a></div> </div> <div class="link-box "> <h5 class="title">Most read</h5> <ul class="ranking-list"> <li class="number1"> <a href="/web/20160811090731/http://asia.nikkei.com/Business/Companies/Foxconn-develops-glass-casing-as-iPhone-redesign-expected"><span class="sub-title-s">Exclusive: </span>Foxconn develops glass casing as iPhone redesign expected </a> </li> <li class="number2"> <a href="/web/20160811090731/http://asia.nikkei.com/Politics-Economy/Policy-Politics/Fate-of-Japan-s-emperor-rests-with-the-people">Fate of Japan's emperor rests with the people</a> </li> <li class="number3"> <a href="/web/20160811090731/http://asia.nikkei.com/Markets/Equities/BOJ-medicine-may-be-too-strong-for-quiet-summer-stock-market">BOJ medicine may be too strong for quiet summer stock market</a> </li> <li class="number4"> <a href="/web/20160811090731/http://asia.nikkei.com/Politics-Economy/Policy-Politics/Gov.-Koike-I-will-bring-financial-institutions-back-to-Tokyo"><span class="sub-title-s">Interview: </span>Gov. Koike -- I will bring financial institutions back to Tokyo</a> </li> <li class="number5"> <a href="/web/20160811090731/http://asia.nikkei.com/Markets/Currencies/Interbank-rates-surge-as-dollar-shortage-looms-anew">Interbank rates surge as dollar shortage looms anew</a> </li> </ul> </div> <div class="link-box"> <h5 class="title">Japanese companies</h5> <ul class="headline-list about-nk-index"> <li><a href="https://web.archive.org/web/20160811090731/http://indexes.nikkei.co.jp/en/nkave/index/component" target="_blank">Nikkei 225 Components</a></li> </ul> </div> <div class="rectangle">  <div id="div-gpt-ad-1375260461786-0" style="width:300px;"> <script type="text/javascript"> googletag.cmd.push(function() { googletag.display('div-gpt-ad-1375260461786-0'); }); </script> </div> </div>  <div class="link-box videos"> <h5 class="title"><a href="https://web.archive.org/web/20160811090731/http://video.asia.nikkei.com/">Videos</a></h5> <div class="column-layout"> <ul class="video-detail"> <li> <a href="https://web.archive.org/web/20160811090731/http://video.asia.nikkei.com/detail/videos/select/video/5075012999001/thai-referendum-gives-go-ahead-to-new-constitution"> <img src="/web/20160811090731im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/video/2016/thai-referendum-yes/4907412-1-eng-GB/Thai-referendum-yes.jpg" width="80" alt=""> <p>Thailaind votes for new constitution</p> </a> </li> <li> <a href="https://web.archive.org/web/20160811090731/http://video.asia.nikkei.com/detail/videos/business-clip/video/5069262848001/"> <img src="/web/20160811090731im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/video/2016/new-generation-office/4893366-1-eng-GB/New-Generation-Office.jpg" width="80" alt=""> <p>Nurturing talent through unique office space</p> </a> </li> <li> <a href="https://web.archive.org/web/20160811090731/http://video.asia.nikkei.com/detail/videos/sponsored-content/video/4942094884001/baselworld-2016-luxe-watch-interview-sponsor:-chanel"> <img src="/web/20160811090731im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/video/2016/sponsored-chanel/4893377-1-eng-GB/Sponsored-Chanel.jpg" width="80" alt=""> <p>Baselworld 2016 Luxe Watch Interview [Sponsored]</p> </a> </li> </ul> </div> <div class="more"><a href="https://web.archive.org/web/20160811090731/http://video.asia.nikkei.com/">more</a></div> </div> <div class="link-box "> <h5 class="title">Editor's picks</h5> <ul class="photo-list another-case"> <li> <a href="/web/20160811090731/http://asia.nikkei.com/Japan-Update/Banks-raising-guard-against-possible-JGB-crash"> <img src="/web/20160811090731im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201608/0810n/0810n-btmu/4920591-1-eng-GB/0810N-BTMU_small_thumbnail.jpg" width="80" alt=""/> </a> <p> <a href="/web/20160811090731/http://asia.nikkei.com/Japan-Update/Banks-raising-guard-against-possible-JGB-crash">Banks raising guard against possible JGB crash</a> </p> </li> <li> <a href="/web/20160811090731/http://asia.nikkei.com/Business/Trends/China-s-polluted-soil-boosts-food-imports"> <img src="/web/20160811090731im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201608/20160810t/20160810_woman-shopping-vegetables/4919488-1-eng-GB/20160810_woman-shopping-vegetables_small_thumbnail.png" width="80" alt=""/> </a> <p> <a href="/web/20160811090731/http://asia.nikkei.com/Business/Trends/China-s-polluted-soil-boosts-food-imports">China's polluted soil boosts food imports</a> </p> </li> <li> <a href="/web/20160811090731/http://asia.nikkei.com/Politics-Economy/Policy-Politics/Abdication-talk-could-revive-other-succession-debates"> <img src="/web/20160811090731im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201608/0808n/0808n_emperor-speech/4909896-1-eng-GB/0808N_emperor-speech_small_thumbnail.jpg" width="80" alt=""/> </a> <p> <a href="/web/20160811090731/http://asia.nikkei.com/Politics-Economy/Policy-Politics/Abdication-talk-could-revive-other-succession-debates">Abdication talk could revive other succession debates</a> </p> </li> <li> <a href="/web/20160811090731/http://asia.nikkei.com/Politics-Economy/Economy/Thailand-to-make-tourists-use-traceable-SIM-cards"> <img src="/web/20160811090731im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201608/20160809t/20160809_toursit_wat_phra_kaeo/4915096-1-eng-GB/20160809_toursit_Wat_Phra_Kaeo_small_thumbnail.jpg" width="80" alt=""/> </a> <p> <a href="/web/20160811090731/http://asia.nikkei.com/Politics-Economy/Economy/Thailand-to-make-tourists-use-traceable-SIM-cards">Thailand to make tourists use traceable SIM cards</a> </p> </li> <li> <a href="/web/20160811090731/http://asia.nikkei.com/Life-Arts/Arts/Hitler-comedy-sells-tickets-by-striking-a-nerve"> <img src="/web/20160811090731im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201608/20160805t/20160805_cinema/4898256-1-eng-GB/20160805_cinema_small_thumbnail.jpg" width="80" alt=""/> </a> <p> <a href="/web/20160811090731/http://asia.nikkei.com/Life-Arts/Arts/Hitler-comedy-sells-tickets-by-striking-a-nerve">Hitler comedy sells tickets by striking a nerve</a> </p> </li> </ul> </div> <div class="rectangle">  <div id="div-gpt-ad-1404116812193-0" style="width:300px;"> <script type="text/javascript"> googletag.cmd.push(function() { googletag.display('div-gpt-ad-1404116812193-0'); }); </script> </div> </div>  <div id="div-gpt-ad-1396427317542-0" style="width:1px; height:1px;"> <script type="text/javascript"> var obCheck = document.querySelectorAll('.articleBodyText p').length; var vdCheck = document.querySelectorAll('.BrightcoveExperience param').length; if ((obCheck >= 1) && !(vdCheck >= 1)) { if((authority == "A1" || authority == "A2") && (cms_section == 8 || cms_section == 10)){ var current_cookie_name = String(now_date.getFullYear())+String(now_date.getMonth()+1)+"vc"; var current_user_view_count = getCookie(current_cookie_name); var current_cookie_nameList = current_cookie_name+"l"; var current_user_view_article_list = getCookieList(current_cookie_nameList); var in_array_flag = false; for(var i = 0; i < current_user_view_article_list.length; i++) { if(current_user_view_article_list[i] == article) { in_array_flag = true; } } if((authority == "A1") && (current_user_view_count >= article_limit) && !in_array_flag){ } else if((authority == "A2") && (current_user_view_count >= article_limit_free) && !in_array_flag) { } else { googletag.cmd.push(function() { googletag.display('div-gpt-ad-1396427317542-0'); }); } } else if((authority == "A1" || authority == "A2") && (cms_section == 9)){ } else { googletag.cmd.push(function() { googletag.display('div-gpt-ad-1396427317542-0'); }); } } </script> </div>  <div id="div-gpt-ad-1410933087819-0" style="width:1px; height:1px;"> <script type="text/javascript"> var obCheck = document.querySelectorAll('.articleBodyText p').length; var vdCheck = document.querySelectorAll('.BrightcoveExperience param').length; if ((obCheck >= 1) && !(vdCheck >= 1)) { googletag.cmd.push(function() { googletag.display('div-gpt-ad-1410933087819-0'); }); } </script> </div> </div> </div> <div id="footer"> <div class="footer-content"> <img src="/web/20160811090731im_/http://asia.nikkei.com/images/img_logo_footer.png" alt="Nikkei Asian Review"/> <div class="footer-link"> <ul class="snsicon-list"> <li class="Facebook"><a href="https://web.archive.org/web/20160811090731/https://www.facebook.com/nikkeiasianreview" target="_blank">Facebook</a></li> <li class="Twitter"><a href="https://web.archive.org/web/20160811090731/https://twitter.com/NAR" target="_blank">Twitter</a></li> <li class="LinkedIn"><a href="https://web.archive.org/web/20160811090731/http://www.linkedin.com/company/nikkei-asian-review" target="_blank">LinkedIn</a></li> <li class="Google"><a href="https://web.archive.org/web/20160811090731/https://plus.google.com/105293795757249725929/posts" target="_blank">Google+</a></li> <li class="YouTube"><a href="https://web.archive.org/web/20160811090731/https://www.youtube.com/user/NikkeiAsia" target="_blank">YouTube</a></li> <li class="RSS"><a href="/web/20160811090731/http://asia.nikkei.com/info/rss" target="_blank">RSS</a></li> </ul> <ul class="appstore-link"> <li><a href="https://web.archive.org/web/20160811090731/https://itunes.apple.com/en/app/nikkei-asian-review/id481958599?mt=8" target="_blank"><img src="/web/20160811090731im_/http://asia.nikkei.com/images/banner_appstore_l.png" alt="App store"/></a></li> <li><a href="https://web.archive.org/web/20160811090731/https://play.google.com/store/apps/details?id=com.nikkei.asianreview" target="_blank"><img src="/web/20160811090731im_/http://asia.nikkei.com/images/banner_googleplay_l.png" alt="google play"/></a></li> </ul> </div> </div> <ul class="footer-nav base-list"> <li><a href="/web/20160811090731/http://asia.nikkei.com/info/about">About Nikkei Asian Review</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/info/sitemap">Site map</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/info/help">Help</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/contact">Contact us</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/info/terms-of-use">Terms of use</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/info/copyright">Copyright</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/info/privacy">Privacy & cookie policy</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/info/advertising">Advertising</a></li> <li><a href="/web/20160811090731/http://asia.nikkei.com/info/announcements">Announcements</a></li> </ul> <div class="footer-tool"> <div class="copyright">Copyright © 2016 Nikkei Inc. All rights reserved.</div> <div class="language"> <ul class="base-list"> <li><a href="https://web.archive.org/web/20160811090731/http://www.nikkei.com/" target="_BLANK">Japanese</a></li> <li><a href="https://web.archive.org/web/20160811090731/http://cn.nikkei.com/" target="_BLANK">Chinese</a></li> </ul> </div> </div> </div> <div id="ms-link"> <ul> <li><a href="javascript:void(0);" onclick="javascript:NAR_js.view_change('sp');">Mobile site</a></li> </ul> </div> <div id="modal_gd04_01" class="util limitSoon"> <h3 class="title">You have <span class="fsL02">2</span> <span class="fsL01">FREE ARTICLES</span> left this month.</h3> <div> <p>Subscribe to get unlimited access to all articles.</p> <div class="btm-sec clearfix"> <p class="logo"><img src="/web/20160811090731im_/http://asia.nikkei.com/images/img_logo_modal.gif" alt="NIKKEI ASIAN REVIEW" width="140"></p> <p class="login-btn"><a href="/web/20160811090731/http://asia.nikkei.com/member/register/?n_cid=NARAN003&return_url=/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action" class="general-btn" id="subscribe"><span>Get unlimited access</span></a></p> </div> </div> <a class="close-btn js_close" href="#">Close</a> <div style="display:none" class="ga" id="MDLimitSoon(NonLogin)"></div> </div> <div id="modal_gd04_01_cp" class="util limitSoon"> <h3 class="title">You have <span class="fsL02">2</span> <span class="fsL01">FREE ARTICLES</span> left this month.</h3> <div> <p style="text-align:center">Get your first month for <span class="fcR fsL02 fwB">$0.99</span><br>Offer ends July 20, 2016.</p> <div class="btm-sec clearfix"> <p class="logo"><img src="/web/20160811090731im_/http://asia.nikkei.com/images/img_logo_modal.gif" alt="NIKKEI ASIAN REVIEW" width="140"></p> <p class="login-btn"><a href="/web/20160811090731/http://asia.nikkei.com/member/register/?n_cid=NARAN069&return_url=/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action" class="general-btn" id="subscribe"><span>Get discount now</span></a></p> </div> </div> <a class="close-btn js_close" href="#">Close</a> <div style="display:none" class="ga" id="MDLimitSoon(NonLoginCamp)"></div> </div> <div id="modal_gd04_02" class="util limitSoon"> <h3 class="title">You have <span class="fsL02">2</span> <span class="fsL01">FREE ARTICLES</span> left this month.</h3> <div> <p>We could not renew your subscription.<br>You need to update your payment information.</p> <div class="btm-sec clearfix"> <p class="logo"><img src="/web/20160811090731im_/http://asia.nikkei.com/images/img_logo_modal.gif" alt="NIKKEI ASIAN REVIEW" width="140"></p> <p class="login-btn"><a href="/web/20160811090731/http://asia.nikkei.com/member/edit/plan?n_cid=NARAN009&return_url=/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action" class="general-btn" id="resubscribe"><span>Update</span></a></p> </div> </div> <a class="close-btn js_close" href="#">Close</a> <div style="display:none" class="ga" id="MDLimitSoon(FreeUser)"></div> </div> <div id="modal_gd05_01" class="util expiration"> <h3 class="title">Your trial period will end soon</h3> <div> <p> Subscribe today to continue enjoying NAR.<br> • Unlimited access to asia.nikkei.com<br> • Unlimited access to NAR mobile and tablet apps<br> • Add delivery of NAR in print each week </p> <div class="login-btn"><a href="/web/20160811090731/http://asia.nikkei.com/member/register/?return_url=/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action&n_cid=NARAN005" class="general-btn" id="subscribe"><span>See all offers and subscribe</span></a></div> </div> <a class="close-btn js_close" href="#">Close</a> <div style="display:none" class="ga" id="MDSoonExpire(TrialUser)"></div> </div> <div id="modal-screen_gd05_01"></div> <div id="insert_modal_gd08_01" class="paywall"> <p class="title">To read the full story, <a href="/web/20160811090731/http://asia.nikkei.com/member/register/?return_url=/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action&n_cid=NARAN022" class="ga-subscribe" id="subscribe">Subscribe</a> or <a href="/web/20160811090731/http://asia.nikkei.com/member/auth/login/redirect?return_url=/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action&n_cid=NARAN023" class="ga-loginlink" id="login">Log in</a></p> <div class="paywall_inr"> <div class="clearfix"> <div class="txt_l"> <p><span class="fsL02">Get your first month for </span><span class="fsL03 fwB fcR">$0.99</span></p> <p>Redeemable only through the Subscribe button below</p> <p></p> <p>Once subscribed, you can…</p> <ul> <li>Read all stories with unlimited access (5 articles per month without subscription)</li> <li>Use our smartphone and tablet apps</li> </ul> </div> <p class="img_r GCCMD_removeall"><img src="/web/20160811090731im_/http://asia.nikkei.com/static/info/1B_D_165x110.png" alt="" width="165"></p> </div> <div class="select-btn clearfix"> <p><a href="/web/20160811090731/http://asia.nikkei.com/member/register/?return_url=/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action&n_cid=NARAN070" class="general-btn" id="subscribe-btn"><span>Subscribe</span></a></p> <p><a href="/web/20160811090731/http://asia.nikkei.com/member/auth/login/?return_url=/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action&n_cid=NARAN071" class="login-btn" id="login-btn"><span>Log in</span></a></p> </div> <div class="clearfix"> <p class="more GCCMD_removeall"><a href="/web/20160811090731/http://asia.nikkei.com/about?n_cid=NARAN072" class="ga-about" id="about">About Nikkei Asian Review</a></p> <p class="logo"><img src="/web/20160811090731im_/http://asia.nikkei.com/images/img_logo_modal.gif" alt="NIKKEI ASIAN REVIEW" width="140"></p> </div> </div> <div style="display:none" class="ga" id="IMDLimited(NonLogin)"></div> </div> <div id="insert_modal_gd08_01_cp" class="paywall"> <p class="title">To read the full story, <a href="/web/20160811090731/http://asia.nikkei.com/member/register/?return_url=/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action&n_cid=NARAN073" class="ga-subscribe" id="subscribe">Subscribe</a> or <a href="/web/20160811090731/http://asia.nikkei.com/member/auth/login/redirect?return_url=/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action&n_cid=NARAN074" class="ga-loginlink" id="login">Log in</a></p> <div class="paywall_inr"> <div class="clearfix"> <div class="txt_l"> <p><span class="fsL02">Get your first month for </span><span class="fsL03 fwB fcR">$0.99</span></p> <p></p> <p>Once subscribed, you can…</p> <ul> <li>Read all stories with unlimited access (5 articles per month without subscription)</li> <li>Use our smartphone and tablet apps</li> </ul> </div> <p class="img_r GCCMD_removeall"><img src="/web/20160811090731im_/http://asia.nikkei.com/static/info/newmodalEndSoon20160421.png" alt="" width="165"></p> </div> <div class="select-btn clearfix"> <p><a href="/web/20160811090731/http://asia.nikkei.com/member/register/?return_url=/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action&n_cid=NARAN075" class="general-btn" id="subscribe-btn"><span>Subscribe</span></a></p> <p><a href="/web/20160811090731/http://asia.nikkei.com/member/auth/login/?return_url=/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action&n_cid=NARAN076" class="login-btn" id="login-btn"><span>Log in</span></a></p> </div> <div class="clearfix"> <p class="more GCCMD_removeall"><a href="/web/20160811090731/http://asia.nikkei.com/about?n_cid=NARAN077" class="ga-about" id="about">About Nikkei Asian Review</a></p> <p class="logo"><img src="/web/20160811090731im_/http://asia.nikkei.com/images/img_logo_modal.gif" alt="NIKKEI ASIAN REVIEW" width="140"></p> </div> </div> <div style="display:none" class="ga" id="IMDLimited(NonLoginCamp)"></div> </div> <div id="insert_modal_gd08_02" class="paywall"> <p class="title">To read the full story, <a href="/web/20160811090731/http://asia.nikkei.com/member/edit/plan?return_url=/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action&n_cid=NARAN028" class="ga-subscribe" id="resubscribe">Update your account</a></p> <div class="paywall_inr"> <div class="clearfix"> <div class="txt_l"> <p>We could not renew your subscription.<br>You need to update your payment information.</p> </div> <p class="img_r GCCMD_removeall"><img src="/web/20160811090731im_/http://asia.nikkei.com/static/info/4_D&P_v2_165x110.png" alt="" width="165"></p> </div> <div class="select-btn"> <p class="btn01"><a href="/web/20160811090731/http://asia.nikkei.com/member/edit/plan?return_url=/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action&n_cid=NARAN078" class="general-btn" id="resubscribe-btn"><span>Update</span></a></p> </div> <div class="clearfix"> <p class="more GCCMD_removeall"><a href="/web/20160811090731/http://asia.nikkei.com/about?n_cid=NARAN079" class="ga-about" id="about">About Nikkei Asian Review</a></p> <p class="logo"><img src="/web/20160811090731im_/http://asia.nikkei.com/images/img_logo_modal.gif" alt="NIKKEI ASIAN REVIEW" width="140"></p> </div> </div> <div style="display:none" class="ga" id="IMDLimited(FreeUser)"></div> </div> <div id="insert_modal_gd08_03" class="paywall"> <p class="title">To read the full story, <a href="/web/20160811090731/http://asia.nikkei.com/member/register/?return_url=/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action&n_cid=NARAN025" class="ga-subscribe" id="subscribe">Subscribe</a> or <a href="/web/20160811090731/http://asia.nikkei.com/member/auth/login/redirect?return_url=/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action&n_cid=NARAN026" class="ga-loginlink" id="login">Log in</a></p> <div class="paywall_inr"> <div class="clearfix"> <div class="txt_l"> <p>Once subscribed, you can…</p> <ul> <li>Read all stories with unlimited access (5 articles per month without subscription)</li> <li>Use our smartphone and tablet apps</li> </ul> </div> <p class="img_r GCCMD_removeall"><img src="/web/20160811090731im_/http://asia.nikkei.com/static/info/4_D&P_v2_165x110.png" alt="" width="165"></p> </div> <div class="select-btn clearfix"> <p><a href="/web/20160811090731/http://asia.nikkei.com/member/register/?return_url=/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action&n_cid=NARAN080" class="general-btn" id="subscribe-btn"><span>Subscribe</span></a></p> <p><a href="/web/20160811090731/http://asia.nikkei.com/member/auth/login/?return_url=/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action&n_cid=NARAN081" class="login-btn" id="login-btn"><span>Log in</span></a></p> </div> <div class="clearfix"> <p class="more GCCMD_removeall"><a href="/web/20160811090731/http://asia.nikkei.com/about?n_cid=NARAN082" class="ga-about" id="about">About Nikkei Asian Review</a></p> <p class="logo"><img src="/web/20160811090731im_/http://asia.nikkei.com/images/img_logo_modal.gif" alt="NIKKEI ASIAN REVIEW" width="140"></p> </div> </div> <div style="display:none" class="ga" id="IMDMemberOnly(NonLogin)"></div> </div> <div id="insert_modal_gd08_03_cp" class="paywall"> <p class="title">To read the full story, <a href="/web/20160811090731/http://asia.nikkei.com/member/register/?return_url=/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action&n_cid=NARAN083" class="ga-subscribe" id="subscribe">Subscribe</a> or <a href="/web/20160811090731/http://asia.nikkei.com/member/auth/login/redirect?return_url=/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action&n_cid=NARAN084" class="ga-loginlink" id="login">Log in</a></p> <div class="paywall_inr"> <div class="clearfix"> <div class="txt_l"> <p><span class="fsL02">Get your first month for </span><span class="fsL03 fwB fcR">$0.99</span></p> <p></p> <p>Once subscribed, you can…</p> <ul> <li>Read all stories with unlimited access (5 articles per month without subscription)</li> <li>Use our smartphone and tablet apps</li> </ul> </div> <p class="img_r GCCMD_removeall"><img src="/web/20160811090731im_/http://asia.nikkei.com/static/info/newmodalEndSoon20160421.png" alt="" width="165"></p> </div> <div class="select-btn clearfix"> <p><a href="/web/20160811090731/http://asia.nikkei.com/member/register/?return_url=/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action&n_cid=NARAN085" class="general-btn" id="subscribe-btn"><span>Subscribe</span></a></p> <p><a href="/web/20160811090731/http://asia.nikkei.com/member/auth/login/?return_url=/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action&n_cid=NARAN086" class="login-btn" id="login-btn"><span>Log in</span></a></p> </div> <div class="clearfix"> <p class="more GCCMD_removeall"><a href="/web/20160811090731/http://asia.nikkei.com/about?n_cid=NARAN087" class="ga-about" id="about">About Nikkei Asian Review</a></p> <p class="logo"><img src="/web/20160811090731im_/http://asia.nikkei.com/images/img_logo_modal.gif" alt="NIKKEI ASIAN REVIEW" width="140"></p> </div> </div> <div style="display:none" class="ga" id="IMDMemberOnly(NonLoginCamp)"></div> </div> <div id="insert_modal_gd08_04" class="paywall"> <p class="title">To read the full story, <a href="/web/20160811090731/http://asia.nikkei.com/member/edit/plan?return_url=/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action&n_cid=NARAN030" class="ga-subscribe" id="resubscribe">Update your account</a></p> <div class="paywall_inr"> <div class="clearfix"> <div class="txt_l"> <p>We could not renew your subscription.<br>You need to update your payment information.</p> </div> <p class="img_r GCCMD_removeall"><img src="/web/20160811090731im_/http://asia.nikkei.com/static/info/4_D&P_v2_165x110.png" alt="" width="165"></p> </div> <div class="select-btn"> <p class="btn01"><a href="/web/20160811090731/http://asia.nikkei.com/member/edit/plan?return_url=/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action&n_cid=NARAN088" class="general-btn" id="resubscribe-btn"><span>Update</span></a></p> </div> <div class="clearfix"> <p class="more GCCMD_removeall"><a href="/web/20160811090731/http://asia.nikkei.com/about?n_cid=NARAN089" class="ga-about" id="about">About Nikkei Asian Review</a></p> <p class="logo"><img src="/web/20160811090731im_/http://asia.nikkei.com/images/img_logo_modal.gif" alt="NIKKEI ASIAN REVIEW" width="140"></p> </div> </div> <div style="display:none" class="ga" id="IMDMemberOnly(FreeUser)"></div> </div> <div id="modal_gd02_01" class="util"> <h3 class="title">Update your payment information</h3> <div> <p>Your subscription renewal could not be processed. Please update your payment information to continue enjoying the Nikkei Asian Review.</p> <div class="login-btn"><a href="/web/20160811090731/http://asia.nikkei.com/member/edit/plan?return_url=/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action&n_cid=NARAN007" class="general-btn" id="resubscribe"><span>Resubscribe now</span></a></div> </div> <a class="close-btn js_close" href="#">Close</a> <div style="display:none" class="ga" id="MDLogin(FreeUser)"></div> </div> <div id="modal-screen_gd02_01"></div> <div id="modal_gd06_01" class="util expiration"> <h3 class="title">Your trial period has expired</h3> <div> <p> Subscribe today to continue enjoying NAR.<br> • Unlimited access to asia.nikkei.com<br> • Unlimited access to NAR mobile and tablet apps<br> • Add delivery of NAR in print each week </p> <div class="login-btn"><a href="/web/20160811090731/http://asia.nikkei.com/member/register/?return_url=/Markets/Tokyo-Market/Market-Scramble-Bargain-hunters-missing-out-on-action&n_cid=NARAN006" class="general-btn" id="subscribe"><span>See all offers and subscribe</span></a></div> </div> <a class="close-btn js_close" href="#">Close</a> <div style="display:none" class="ga" id="MDExpired(TrialUser)"></div> </div> <div id="modal-screen_gd06_01"></div> <div id="modal_gd09_01" class="util expiration"> <img src="/web/20160811090731im_/http://asia.nikkei.com/images/img_logo.png" alt="nikkei asian review"/> <img src="/web/20160811090731im_/http://asia.nikkei.com/images/For_welcome_modal.png" alt="cover"/> <h3 class="title"></h3> <div> <p class="explain"> Nikkei Asian Review is the only publication that brings you Insight about Asia, from the inside out. XXcontractNameXX has enabled you free full access to Nikkei Asian Review. </p> <div class="login-btn"><a href="#" class="general-btn js_close"><span>Close this message</span></a></div></div> <a class="close-btn js_close" href="#">Close</a> <div style="display:none" class="ga" id="MDWelcome(IPUser)"></div> <div style="display:none" class="value" id=""></div> </div> <div id="modal-screen_gd09_01"></div> <div id="footer-script"> <script type="text/javascript"> var page = "1"; if(typeof authority === "undefined"){ var authority = ""; } if(typeof memberId === "undefined"){ var memberId = ""; } if(typeof contractId === "undefined"){ var contractId = ""; } var viewMode = "PC"; </script>  <script type="text/javascript"> var now = new Date(); var pageName = location.href; var channel = "NAR"; var server = document.domain; var pageType = ""; var prop1 = "NAR-Markets"; var prop2 = "NAR-Markets-Tokyo Market"; var prop3 = "Market Scramble: Bargain hunters missing out on action"; var prop4 = "109163"; var prop5 = page; var prop6 = now.getHours(); var prop9 = ""; var prop10 = ""; var prop11 = ""; var prop12 = "Not selection"; var prop25 = "Stock"; var prop26 = "North America"; var prop27 = ""; var prop28 = authority; var prop29 = "1"; var prop30 = getCookie(String(now.getFullYear())+String(now.getMonth()+1)+"vc"); var prop33 = "05HWRF-E,003K89-E"; var prop34 = viewMode; var prop35 = contractId; var prop44 = memberId; </script>  <script language="JavaScript" src="https://web.archive.org/web/20160811090731js_/http://parts.nikkei.com/parts/SC/NAR/s_codeNAR20141101.js"></script> <script language="JavaScript" src="https://web.archive.org/web/20160811090731js_/http://cdn.nikkei.com/parts/SC2/s_cDS.js"></script> <script language="JavaScript"> </script> <noscript><a href="https://web.archive.org/web/20160811090731/http://www.omniture.com/" title="Web Analytics"><img src="https://web.archive.org/web/20160811090731im_/http://nikkei.d1.sc.omtrdc.net/b/ss/nikkeicojpgrpmstallprod,nikkeicojpdsmstallprod,nikkeicojpnarprod/1/H.9--NS/0" height="1" width="1" border="0" alt=""/> </a></noscript>    <script> (function(i,s,o,g,r,a,m){i['GoogleAnalyticsObject']=r;i[r]=i[r]||function(){ (i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o), m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m) })(window,document,'script','//web.archive.org/web/20160811090731/http://www.google-analytics.com/analytics.js','ga'); ga('create', 'UA-44606671-1', 'asia.nikkei.com'); // Set custom dimension if(login_flag != "undefined"){ ga('set', 'dimension1', login_flag); } if(authority != "undefined" && authority != ""){ ga('set','dimension2', authority); } if(memberId != "undefined" && memberId !=""){ ga('set','dimension3', memberId); } if( aid != ""){ ga('set','dimension4', aid); } if(viewMode != "undefined"){ ga('set','dimension5', viewMode); } if(contractId != "undefined"){ ga('set','dimension6', contractId); } // Send view ga('send', 'pageview'); // Send event if(NAR_js.isCount == true){ ga('send', 'event', 'Article', 'countUp', 'Article-countUp', NAR_js.user_view_count, {nonInteraction:true}); } if(NAR_js.oneClickFree == true){ ga('send', 'event', 'OneClickFree', 'view', 'OneClickFree-view',{nonInteraction:true} ); } </script> <script> // Twitter api twttr.ready(function (twttr) { twttr.events.bind( 'follow', function (event) { var narURL = window.location.href; ga('send', 'social', { 'socialNetwork': 'Twitter', 'socialAction': 'follow', 'socialTarget': narURL }); ga('send', 'event', 'Twitter', 'follow', 'Twitter-follow',0,{nonInteraction:true}); } ); }); </script> <script type="text/javascript"> $(function(){ var obCheck = document.querySelectorAll('.articleBodyText p').length; if ((obCheck >= 1) && (authority == "A1")) { var tPageCheck_flag = false; if(cms_section == 8 || cms_section == 10){ var current_cookie_name = String(now_date.getFullYear())+String(now_date.getMonth()+1)+"vc"; var current_user_view_count = getCookie(current_cookie_name); var current_cookie_nameList = current_cookie_name+"l"; var current_user_view_article_list = getCookieList(current_cookie_nameList); var in_array_flag = false; for(var i = 0; i < current_user_view_article_list.length; i++) { if(current_user_view_article_list[i] == article) { in_array_flag = true; } } if((current_user_view_count >= article_limit) && !in_array_flag){ tPageCheck_flag = true; } } if(tPageCheck_flag){ var sublinkID = ""; sublinkID = document.getElementById('subscribe'); sublinkID.href += "&aid=JD6p8hccGp"; var buttonID = ""; buttonID = document.getElementById('subscribe-btn'); buttonID.href += "&aid=JD6p8hccGp"; } } }); </script> <script type="text/javascript"> /* <![CDATA[ */ var google_conversion_id = 1000997403; var google_custom_params = window.google_tag_params; var google_remarketing_only = true; /* ]]> */ </script> <script type="text/javascript" src="//web.archive.org/web/20160811090731js_/http://www.googleadservices.com/pagead/conversion.js"> </script> <noscript> <div style="display:inline;"> <img height="1" width="1" style="border-style:none;" alt="" src="//web.archive.org/web/20160811090731im_/http://googleads.g.doubleclick.net/pagead/viewthroughconversion/1000997403/?value=0&guid=ON&script=0"/> </div> </noscript> <script type="text/javascript"> window._tfa = window._tfa || []; _tfa.push({notify:"action", name: 'page_view'}); </script> <script src="//web.archive.org/web/20160811090731js_/http://cdn.taboola.com/libtrc/nikkeiasianreview-sc/tfa.js"></script> </div> <script type="text/javascript">_satellite.pageBottom();</script> </body> </html>