All Japan articles
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White papersMacro brief: Ten talking points on Japan for 2026 and beyond
The October election of Japan’s first female prime minister promises to bring greater dynamism to society. All eyes are now on Sanae Takaichi’s focus on more expansionary fiscal and monetary policies.
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White papersJapan’s Fiscal Reset: Responsible Expansion in a New Political Era
As policy priorities evolve, Japan’s focus on “responsible fiscal expansion” could reshape bond dynamics.
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White papersMacro Brief: Can Korea follow in Japan’s footsteps to unlock shareholder value?
Over the past decade, shareholder returns in Asia have lagged behind the US, driving capital and attention westward, and highlighting the need for change.
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PodcastPivot Points: Rediscovering Europe, Japan and Emerging Markets
Amid shifting global market currents, investors are reassessing where the most compelling opportunities lie beyond the US. Shifts in earnings trajectories, valuation dispersion, and evolving policy signals are reshaping the risk-reward across regions and asset classes, prompting a fresh look at how to balance exposures.
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White papersJapanese politics: Brinkmanship or break-up?
The Komeito Party’s announcement of its withdrawal from its 25-year coalition with the Liberal Democratic Party (LDP) has caused political uncertainty in Japan. Carl Vine, Co-Head of Asia Pacific Equities, explores historical precedents and considers the potential political and market implications of this split.
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White papersJapanese dividends: The trend is your friend
Dividends in Japan have been growing in the past decade, and the trend is accelerating. Carl Vine, Co-Head of Asia Pacific Equities, explains why dividend growth is a compelling element of the Japan “reform” story – and why he believes the trend is set to continue.
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White papersMarket Snapshot: Japanese stocks rally on election result
Market Snapshot is a weekly view from our portfolio managers, offering sharp, thematic insights into the trends shaping markets right now.
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White papersJapanese markets await clarity on leadership
Japanese equities hit a new record in October following the election of pro-business Sanae Takaichi as the leader of Japan’s ruling political party (LDP). However, the dust hasn’t fully settled as the long-term coalition between LDP and its partner Komeito broke down on Friday. Markets were expecting that if confirmed as PM, Takaichi’s policies to increase government spending could boost the country’s economic growth. On the other hand, the yen weakened on worries that the push for higher spending could negatively affect the government’s financial situation.
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White papersJapan’s corporates are sitting on a potential $2 trillion real estate treasure trove
Japanese companies hold vast real estate assets, which are typically misvalued on their balance sheets. Carl Vine, Co-Head of Asia Pacific Equities, and William Montgomery, Senior Asia Pacific Equities Analyst, explore the often overlooked property treasure – potentially worth US$2 trillion – on Japan’s corporate balance sheets and ask who stands to benefit when it is unlocked.
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VideoWhat’s next for Asia ex-Japan?
Jonathan Pines, Head of Asia ex-Japan, explores the bright spots emerging across the region. What’s driving the team’s approach as they look to H2 and beyond? Selective positioning in China’s A-share market, momentum from recent South Korean governance reforms, and a tactical underweight to Taiwan are all anchoring our outlook.
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White papersMacro brief: Tariff clarity for Japan but political uncertainty remains
Japan watchers have seen the country strike a solid trade deal with the US in recent weeks, bringing much-needed certainty to a country still dependent on nascent reflation. At the same time, however, the ruling Liberal Democratic Party (LDP)/Komeito coalition’s failure to secure a majority in Upper House elections has intensified calls for new political leadership.
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White papersUS dollar slide pauses amid US-Japan deal
The dollar fell by around 10% this year, as on 22 July, mainly due to uncertainty over President Trump’s trade policies and concerns over US debt and fiscal deficit. Issues like the political pressure on the Fed to cut rates aggressively have also weighed on sentiment.
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White papersJapan: Opportunity Trumps Politics
The U.S. trade deal will further support improving economic fundamentals in Japan, which underpin our constructive equity positioning on the country. Recent political developments and volatility in the government bond market are unlikely to change our long-held view.
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White papersJapanese equities: Learning to navigate a new equilibrium
The Japanese equity market has largely drifted sideways over the past 12 months, following a powerful run in 2023 and early 2024.
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White papersClear skies ahead: Japan’s structural renaissance
Japan is undergoing a transformative moment that positions it as one of today’s most compelling investment opportunities. The temporary nature of trade tensions stands in contrast with a powerful combination of strong domestic-led growth and sweeping corporate governance reforms that are reshaping the economy. With valuations sitting well below both historical averages and global peers, investors now have a rare opportunity to invest in Japan’s structural transformation.
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White papersJapan at the Crossroads: Navigating Trump 2.0 and tariff risks
The Trump administration’s second term has been marked by a renewed emphasis on bilateral trade deals, economic nationalism, and strategic use of tariffs as a tool of leverage. While the administration has signalled a desire for “quick wins” with key partners such as Japan, the underlying uncertainty surrounding the permanence and scope of tariffs remains a central concern.
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White papersJapan’s Corporate Reforms Create a Catalyst for Equity Returns
A new culture of reform at Japanese companies offers exciting potential for equity investors.
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VideoJapan: A timely opportunity to seize long-term potential
Year to date we’ve seen significant volatility in equity markets globally – with Japan no different. However, Japan’s fundamental backdrop remains solid – first quarter earnings were healthy, share buybacks tripled year-on-year in April and merger and acquisition activity was widespread.
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White papersJapan’s economic revival – the first steps of a long-awaited transformation
At the beginning of last year, we sat down and put pen to paper on a thought piece which argued this was Japan’s decade of sustained economic momentum. The events of 2024 certainly strengthened our case.
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White papersJapanese Equities in 2025: Goldilocks Would Approve
Japanese Equities: Are the “Lost Decades” Finally in the Rear View?
