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一、日本的启示如果时光倒流20年,日本投资者最愿意投资何种基金?答案是:境外基金。回顾20年前,彼时日本经济如日中天,绝大多数官员、学者、投资机构都认为日本高素质的劳动力、创新的研发能力、政府对经济强大的控制力可以使日本保持高速增长。当时日本的股票市场也处于牛市之中,日经225股票指数1989年底最高达接近39000点。当时日本投资者多数在幻想“日本时代”的到来,境外投资被认为毫无意义。
First, Japan’s Enlightenment If the time goes back 20 years, the Japanese investors are most willing to invest what kind of fund? The answer is: offshore funds. Recalling that two decades ago Japan’s economy was flourishing. Most officials, scholars and investment agencies all considered Japan’s high-quality labor force, its innovative research and development capability, and its strong control over the economy so that Japan could maintain its rapid growth. At the time, Japan’s stock market was also bullish, with the Nikkei 225 stock index reaching as high as 39,000 at the end of 1989. At the time most Japanese investors were fantasizing about the “Japanese era,” and overseas investment was considered meaningless.