FPP’s Griffin heralds challenging times and opportunities in Japan


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 the sluggish response from the Bank of Japan, which is now well behind the ECB and the Fed in terms of boosting its