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Baillie Gifford boosts weighting in Japan

Fund manager Baillie Gifford is boosting its weighting in Japanese stocks across its range of investments in response to the solid economic prospects in the Far East.

The latest market report from the company says the region continues its steady recovery from the Asian flu of the early 1990s. Although there is still a large degree of volatility in the area, it is confident it is set for growth.

Baillie Gifford concedes the two Japan-focused funds it manages suffered in July as the main Japanese benchmark index, the Topix, dropped by 10.9 per cent. But the company maintains better returns will be achieved in this sector over the medium to long term.

Partner George Veitch says: “We think now is the right time to buy. Market sentiment is weak but we are optimistic the growing economy and improving profits will lead to higher stock prices in the medium term.”

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