New paths open up for Japanese investors as old and new contrast

The contrast between old and new companies in Japan has created avenues of investment for Japan long/short hedge funds that managers say will increase as competition grows.

Managers focusing on the Japan market, whose long-only benchmark Topix index has fallen 28% in the 12 months to 21 April, according to Bloomberg figures, add that government intervention in Japanese industry could create further possibilities for gain.

A prevailing theme in the three months to mid-April has been the

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