Cross Asset Investment Strategy - February 2024

Topic of the Month - Japan equity: top performer in 2023; remains attractive option for 2024

Cross Asset Investment Strategy - February 2024

Three key arguments support the Japanese market: 1) a recovery in profits; 2) a strong incentive from the Tokyo Stock Exchange for companies to improve their capital efficiency; and 3) the shift out of deflation is boosting a market rerating. Risks to these positive arguments are mostly linked to the Yen, especially if it were to rise. Not hedging the Yen in 2024 could therefore be an attractive option.


Topic of the Month
Macroeconomics, Geopolitics, and Strategy
Global Investment Views
Macroeconomic and financial market forecasts

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