Japanese shares are at a three-decade high. A range of cyclical and structural factors have led to this boom. A return to inflation, corporate governance reforms, and the new pressure on listed companies to push their price-to-book ratios are evidence of such transformation. A nation where years of stagnant prices have created a cash preference is rethinking its aversion to stocks.  Despite this boom, many remain sceptical, and thus, there is much debate among investors around the structural factors that will dictate the trajectory for 2024.

The Nippon Individual Savings Account (NISA) aims to mobilise Japan’s $14.7 trillion of household wealth, of which over half is held in cash and deposits, and could transform Japan’s savers into serious and influential retail investors. The Bank of Japan continues to soften its yield curve control, and as inflation rises, will look for a ‘virtuous cycle’ between wages and prices before Governor Ueda amends interest rates. Furthermore, a weak Yen has favoured equities and increased the value of repatriated overseas profits, but the resulting rise in price of imports is impacting domestic consumers. As such, the upcoming spring wage round will be critical to the sustainability of spending and hence Japan’s transition to the new inflation equilibrium, and the Bank of Japan’s gradual retreat from aggressive monetary easing.  

This webinar, hosted by the Financial Times in partnership with Bank of America, will explore the macroeconomic trends in Japan and how they have impacted the 2023 rally in the Japanese stock market. Our panel of experts will discuss the structural changes determining if this trend will continue into 2024 and how investors can capitalise. 

This webinar will be simultaneously translated into Japanese.  

Understand

The big picture, not just the individual strands of the business you work in

Connect

And build relationships with some of the biggest names in your industry

Discover

New approaches and strategies to help win market share

Premier Digital Events Supported by the World's Best Journalism

Using leading digital technology, we have now taken our content, global audience reach and engagement to a new level through a series of unmissable virtual events. Our compelling events are chaired by respected FT journalists, feature the most senior and thought-provoking decision-makers in business, finance and politics, all accessible from your office or home.

© Financial Times Live

FT Live and its journalism are subject to a self-regulation regime under the FT Editorial Code of Practice