What's driving Japan's historic bull market? And why are global investors finally returning to Tokyo after years on the sidelines? According to Goldman Sachs, it’s a rare convergence of factors including the global AI trade, inflation, corporate governance reform and an evolving macroeconomic landscape.

The firm also believes a regime shift is underway in the market, moving focus away from the high-growth, asset-light sectors such as software that dominated the past decade. Instead, they highlight a transition into "HALO" stocks: heavy assets, low obsolescence. These capital-intensive sectors, such as utilities and telecommunications, offer defensive barriers that can protect against AI disruption and geopolitical friction.

Bruce Kirk, chief Japan equity strategist at Goldman Sachs, joins John Lee on the Asia Centric podcast to unpack these trends and discuss the implications of Japan's changing market dynamics.

What's driving Japan's historic bull market? And why are global investors finally returning to Tokyo after years on the sidelines? According to Goldman Sachs, it&rsquo;s a rare convergence of factors including the global AI trade, inflation, corporate governance reform and an evolving macroeconomic landscape.
The firm also believes a regime shift is underway in the market, moving focus away from the high-growth, asset-light sectors such as software that dominated the past decade. Instead, they highlight a transition into "HALO" stocks: heavy assets, low obsolescence. These capital-intensive sectors, such as utilities and telecommunications, offer defensive barriers that can protect against AI disruption and geopolitical friction.
Bruce Kirk, chief Japan equity strategist at Goldman Sachs, joins John Lee on the Asia Centric podcast to unpack these trends and discuss the implications of Japan's changing market dynamics.

Some of the world's largest and fastest-growing markets, economies and companies are in Asia. Every Thursday, John Lee from Bloomberg Intelligence speaks with experts and newsmakers about the big ideas and trends moving money across the region.

Some of the world's largest and fastest-growing markets, economies and companies are in Asia. Every Thursday, John Lee from Bloomberg Intelligence speaks with experts and newsmakers about the big ideas and trends moving money across the region.

Asia Centric by Bloomberg Intelligence

Why Global Capital Is Pouring Into Japan Stocks

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