May was a brutal month for Japan, with TOPIX down 10.5%. In
volatile conditions FPP Japan has coped relatively well, a
-3.48% return in May leaving year-to-date figures at 1.69%.
The fund's manager Alexander Griffin - who previously, along
with co-manager Richard Whittall, ran the Boyer Allan Japan
fund from 2000 to 2007 - believes the rest of the year is
likely to be equally difficult for Japan.
A key sticking point, Griffin says, is...