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Stars aligning over Japan

For the first time in years, Japanese micro, macro and political conditions seem to be improving simultaneously, as this collection of white papers argues. While corporate governance has dominated many investors’ discussions on Japan, we think markets are underestimating the extent of progress on reforms at the micro level, and companies’ renewed global competitiveness has gone largely unnoticed. With low expectations embedded among many investors worldwide, we think now is a good time to revisit Japan.


Japan: Corporate reforms starting to bear fruit

Authors: Katsuhiro Iwai, CFA, ...

While macro concerns are making many overseas investors cautious on Japanese equities, we believe that micro reforms are leading to substantive fundamental improvements. Further, the trend towards better...

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Japanese companies: Reshaping for enduring competitiveness

Authors: Victor Cherian, CFA, ...

We believe that the market is underestimating the extent of the improvements in Japanese businesses’ competitive positions over recent years, and this may be creating equity mispricings. We highlight...

File under: Stars aligning over Japan

Dec 2016
Macro and market

Trump win boosts Bank of Japan policy prospects

Author: Paul Cavey

Japan could prove the big global winner from the rise in US yields that followed Donald Trump’s win in the presidential election. Signs were already encouraging that Japan’s cycle was improving and...

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Mar 2016
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Value realisation in Japan: Seeking structural opportunities in a changing...

Authors: Katsuhiro Iwai, CFA, ...

In this brief video, portfolio manager Katsuhiro Iwai shares his philosophy and process for identifying Japanese companies that are using cash effectively to create and realise long-term value.

File under: Stars aligning over Japan