Japan's positive yield curve has investors bullish on banks.
One place in the world stands as a beacon for investors in bank stocks: Japan. Japanese banks have outperformed in a year when U.S. banks have come under pressure both from rapidly rising interest rates and the regional banking crisis last spring. While the benchmark Topix stock index — the Japanese equivalent of the S & P 500 — is higher by 22% this year, bank stocks have climbed by 36%, according to a JPMorgan note from earlier this month.
JPMorgan's Marko Kolanovic said earlier this month he recommends an overweight in Japanese financial stocks, saying they have yet to price in the end to negative interest rates that many anticipate will happen next year. In September, Japan's short-term interest rate was held at -0.1%, while the yield on the Japan 10-Year Treasury was last above 0.87%, up from about 0.41% at the start of this year.
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