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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.

 
Jul 2017
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Macro and market

Equity perspectives: A tour of regional opportunities

Authors: Joshua Berger, CFA, CMT, ...

Last year’s brief bursts of volatility caused by macroeconomic and political events faded as equity markets continued their advance in the first half of 2017. However, a recurring theme in our...

File under: Emerging markets: Active opportunities span asset classes, Stars aligning over Japan

 
Jun 2017
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Macro and market

Catching the turn in Japanese equities

Author: Nanette Abuhoff Jacobson

While US and European equities have strongly advanced this year, Japan has been a notable laggard. Despite more attractive valuations, asset owners seem to have given up on Japanese equities, frustrated by...

File under: Stars aligning over 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 toward better...

File under: Stars aligning over Japan

 

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