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Japan ETF (EWJ) Hits New 52-Week High
For investors seeking momentum, Japan iShares MSCI ETF (EWJ - Free Report) is probably on radar. The fund just hit a 52-week high and is up 24.5% from its 52-week low price of $47.64/share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:
EWJ in Focus
The underlying MSCI Japan Index consists of stocks traded primarily on the Tokyo Stock Exchange.. RFV charges 50 bps in annual fees.
Why the Move?
Japan's stock market has been in good shape lately due to strong earnings and upbeat corporate outlook. A weaker yen and data showing a revival in tourist arrivals boosted domestic stocks to a more than eight-month high, strengthening investor appetite. Japan's efforts in streamlining corporate governance to protect investor interests has supported foreign purchases of its equities in the last couple of weeks.
More Gains Ahead?
Currently, EWJ has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. However, the fund has a positive weighted alpha of 8.70. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.