POSTED BY ANGUS GEDDES
Asian markets staged a strong finish to the week with the Nikkei up 1.6% to close at 20,177 – the first close above 20,000 since August 2015.
Contrasting with the US, the Japanese Financial stocks led the market higher with many surging between 3.5% and 5% on Friday. We are overweight Japanese financials and hold names such as Mitsubishi UFJ, Sumitomo Mitsui Financial Group and Mizuho amongst others in our Fat Prophets Global Contrarian Fund (ASX:FPC) and the Global Opportunities and Asian Managed Account portfolios. Japanese carmakers also performed well with Honda and Nissan issuing strong sales data for May and closing 2.6% higher respectively. Toyota also rallied 1.7%, even after failing to meet expectations.