Japan Metropolitan Fund Investment downgraded to Neutral from Buy at Goldman

Goldman Sachs analyst Sachiko Okada downgraded Japan Metropolitan Fund Investment to Neutral from Buy with a price target of 98,000 yen, down from 117,000 yen. Consumer spending is recovering in Japan as the pandemic subsides and sales are bouncing back for tenants in Japan Metropolitan’s commercial properties, but nearly 20% of its portfolio is made up of 20 office properties, where rental revenue is at risk of falling if new properties due to come onto the market cause the office rental market to weaken further, the analyst tells investors.