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Will the vaccine save Christmas?

Macro Update 28 September 2020
September 2020

Harry Waight

Analyst, Global Equities

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The value of investments and any income derived from them can go down as well as up as a result of market or currency movements and investors may not get back the original amount invested.

Global Equities analyst Harry Waight recently travelled to Tokyo to attend the Daiwa Investment Conference, where he gained an overall sense of changing tides among corporate Japan amid the country’s broader transition from the Heisei period into the Reiwa era, elegantly defined as “beautiful harmony”.

ESG reform, specifically governance issues, seemed to truly loom large among both investors and corporations, while there was also a large focus on the shrinking population and both the business opportunities and challenges this presents. And contradictory to Japan’s isolationist heritage, an increasing number of companies have set their sights on more international pastures as they look to take their growth to the next level. However, it’s important to recognise that this corporate transformation won’t reach completion overnight – there are many hard yards to go, not least the economic threat from China’s slowdown and trade disputes with the US. But with a stable, pro-reform government navigating Japan through this new era, we remain confident in the country’s ability to embrace a more outward-looking, international destiny.

Risk Disclaimer

The value of investments and any income derived from them can go down as well as up as a result of market or currency movements and investors may not get back the original amount invested.

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