Japan: Land of Generational Change


For most of the 1990s and 2000s, Japan’s economy was mired in deflation, which made for a very tough backdrop for investors to make money. During the last five years, however, we’ve identified a number of positive changes—many of which have been sparked by policies introduced by Prime Minister Shinzo Abe, collectively known as “Abenomics.” Not only is Japan the largest country allocation in the international developed market universe, based on the MSCI EAFE Index, but in our view it also remains one of the most misunderstood. In this paper, we discuss some of our reasons for being optimistic regarding Japan and highlight some of the sustainable improvements we’ve been seeing in Japan’s market environment.

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