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Embracing Disruption

Three misconceptions about Japanese equities

Long-term investors in Japanese equities have seen their hopes dashed many times. Like the famed cherry blossoms in spring, a stock market rally might flourish once in a while, only to wither and fade. In 2023, investors once again flocked to a booming stock market, certain that this time would be different. We don’t disagree, but we believe that investors have three misconceptions about the drivers of the current stock market rally – and that only once reality matches perception will the Japanese stock market fully benefit from the profound changes underway. These misconceptions concern corporate governance reform, central bank policy, and public perception of inflation.

Recent insights

Navigating Rates

Forget the high yield myths: rethinking a USD 2.2 trillion market

We think it’s time to forget the myths about high yield fixed income. With a resilient economic outlook and generally robust corporate health, the once-niche segment of financial markets has grown to more than USD 2.2 trillion. High yield is becoming an integral part of fixed income portfolios, providing a useful source of return and diversification.

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13/11/2024

An American flag hangs outside a tall gray stone building with large windows.

Navigating Rates

Trump poised for White House return

With all signs pointing to a Donald Trump win, we expect many of his populist policies to cause ripples, even though markets were largely priced for this outcome. How might investors navigate the election result?

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06/11/2024

Layers of contemporary financial skyscrapers in Central Business District, Hong Kong

Navigating Rates

Fixed Income Forward: October 2024

We see the possibility of further yield curve steepening. In outright duration risk, we prefer to stay more tactical on US Treasuries.

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29/10/2024

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