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"While near‑term volatility in Japanese equities due to interest‑rate normalisation and political risk is possible, the structural story—driven by corporate governance reform—is creating opportunities. There is a strong case for Japan’s mid‑ and small‑cap universe, whose valuation discounts to large-cap peers should offer upside as those reforms take hold." - Vincent Mortier - Group CIO, Amundi & ***Monica…
"financial repression is a very appealing tax because the people who are being taxed actually don't know they're being taxed because it's all super complicated and you need to have at least a solid understanding of economics to even begin to understand what's going on..." - Dr. Hanno Lustig [00:00:00]
"the Japanese public sector is arguably the…
KKR Japan — Thoughts from the Road Henry McVey (Head, Global Macro & Asset Allocation) & Team
Field report following meetings with CEOs, policymakers, and investors in Tokyo
Bottom line
Abstract:
Real estate has long been central to China’s growth model, yet since 2018 its contribution has declined sharply, turning the sector from a key engine of expansion into a major drag on economic activity. While policy tightening triggered the downturn, it reflects deeper structural imbalances in a sector that, together with its upstream and downstream linkages and infrastructure, accounts for nearly…
Apollo: The share of financial wealth in bank deposits is 51% in Japan, 37% in Germany and 11% in the United States, see chart. The bottom line is that there is enormous potential for consumers to put more money into yield products.
Introduction & The Takai Administration
The episode, hosted by Sha Kazawa (Japan Equity Strategist at Morgan Stanley MFG Securities), focuses on how Japan's newly formed government is driving a structural pivot in the nation's economy and stock market.
Major Positions
A large portion of our portfolio is concentrated ina small number of American companies such as Apple, American Express, Coca-Cola, and Moody’s – businesses we understand well, have a high regard for their leaders, and expect willcompound over decades.
--- Japan Investments > The same criteria apply to our investments in Japan, which we view as comparable to our…
When they allude to Mark Twain's prescient but overused quote :- "History Doesn't Repeat Itself, but It Often Rhymes” , this is what they mean:- The following article appears in The New York Times' print on Oct. 12, 1986. Yes, 1986 - not the 2020s. Such uncanny resemblance today:-
Article:-
*THIS is another story of the loss of a manufacturing industry to Japan, of protectionism that backfired, and…
Source: Goldman Sachs Exchanges | Host: Allison Nathan Guest: Bruce Kirk (Chief Japan Equity Strategist, GS Research)
"The Japanese equity market is in the early stages of a long-running transformation, shifting from an era of expectation to one of actual progress." - Bruce Kirk (On the fundamental shift in market drivers) [00:01:20](https://www.youtube.com/watch?v=cVwMuj5jc2k&t=80s)
…
"Price is Right": oil is the best performing asset in 2026 on US Iran, and geopolitical shocks. Following geopolitical shocks in past 90 years oil is the best performer over 3 months (up 18%), then gold (6%) US stocks (4%); but 6 months after geopolitical shocks gold keeps outperforming (up 19%), stocks stall, while oil reverses all gains. Or "Rock the Geopolitics = trade oil, own gold."
Marc Rowan: "Japan is, in many ways, the first of the western democracies to face real aging, retirement, and high levels of government debt."
"Most people's expectation of Japan or business mindset of Japan is 30 years of stagnation. And that is so dynamic here today." - Mark Rowan (Discussing the stark contrast between global perception and Japan's current economic reality) [00:03:21](https://youtu.be/ydcgs6qNqs4?t=201s)
**"With the deflationary environment cash has been the king, but with the inflation at the close to 3%, cash is not the…
Japan's stock market crashed in 1989, recovered in 2024 - A 35 year recovery.
Japan’s population growth has slowed and moved into sustained decline, as births continue to fall and the demographic gap widens.
Bank balance sheet data show that yen lending to offshore financial centers and non-bank borrowers remains elevated, suggesting a large stock of yen-funded positions, see the first two charts.
By contrast, speculative futures positioning has swung sharply, highlighting that carry trades can unwind quickly even as the broader yen-funded footprint remains in place, see the third chart.
New AI Stars : Nittobo, founded in 1923, was originally a spinner of cotton and silk + Ajinomoto, the Japanese food company best known for commercializing monosodium glutamate...Yes, a textile and food company.
WSJ TOKYO—Imagine a sheet made of microscopic glass fibers, woven by a former silk maker and thinner than a human hair. A shortage of this material—essential in artificial-intelligence…
"Inside of the Japanese head, these brains like our brains can do good things or bad things all depending on the kind of ideas that are put inside." — US Occupation Film Narrator (On re-educating post-war Japan) [00:03](https://www.youtube.com/watch?v=p5Ac7ap_MAY&t=205s) "If it were not for window guidance, we would compete until harakiri." — Japanese Banker (On the necessity of the Central Bank’s…
"Banks are special. They have a unique power that no other player in the economy has, and that is the power to create money... The money that you're given as the borrower didn't previously exist." — Richard Werner (Explaining the Credit Creation Theory) [00:18:06]
"If banks create credit for productive business investment... that's when you get very high economic…
"History has to be rewritten with the understanding of who is creating the money supply and who's buying those politicians. Otherwise historians just study the frontmen... why are they in power? Who's funded their rise? Follow the money and you find out." - Richard Werner (On the necessity of analyzing monetary origins in history) 00:00:00
" The Federal Reserve is supposed…
"[Japanese management] practically lost the right to lay off the people or fire people... Japanese company looks like a social welfare organization... all the member of the company we call the family member feel this is organization in which everybody share same Faith." - Akio Morita (Context: Post-war labor law shifts) [00:02:04]
"I have a responsibility…
"Morita didn't say we're going to make Sony known for quality. He said we're going to make Japan known for quality. He chose a mission for Sony that was bigger than Sony." - Jeff Bezos (Context: Letter describing Sony's influence on Amazon) [00:02:34]
"*That is brilliance that takes balls to say, 'I'm going to bring out a product that doesn't do what…
The Rise and Fall of the Empire of Japan (1868–1945) | Source (Google Gemini)
From a secluded feudal society to a global superpower, the Empire of Japan’s rapid transformation reshaped the 20th century. Here is the breakdown of its meteoric rise and ultimate collapse:
The Empire officially began in 1868, ending centuries of Shogunate rule. Japan modernized at a…
"Is Takaichi’s victory a sign that Japan is rising again? Is Japan about to attempt another reinvention — or is this simply the last confident gesture of a country learning to manage decline?"
"[If] Takaichi is successful, it will be more appropriate to invoke the era of the Meiji Restoration, a period of explosive growth and strength marked not by a new leader but by a new state." - Jacob Shapiro…
//Do read incase you're interested in turnaround case studies.
"We aren't going to solve our problems in conference rooms. We're going to solve them where the work is done." - Larry Culp (On the "Gemba" philosophy of shop-floor engagement)
"The breakup wasn’t an admission of failure; it was a realization of potential." - Larry Culp (Contextualizing the decision to split GE into three entities)