Independent Strategy

Death of demand doesn’t mean death of Japan

Japan remains an oddity. It has suffered from the pandemic but none of the residual problems seen elsewhere — specifically higher inflation — have taken hold in the aftermath. Sure, domestic demand is persistently weak and there are not really any structural reforms that can be undertaken to turn that boat around. But Japan inc. has other strings to its bow. Japanese assets overall look attractive — bonds and equities. The weaker yen policy reinforces this story.

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