Contents
Key Conclusions ............................................................ 2
Valuation – Japan Looks Cheap at Last......................... 3
Why Should Japan Perform? ......................................... 4
Summary of our views................................................... 5
The Relevance of Japan ............................................... 6
Tactics and Timing ...................................................... 11
Japan’s Valuation Conundrum: Part 1:
Historical and Relative Context .................................... 14
Japan’s Valuation Conundrum: Part 2:
Absolute Value ............................................................ 17
Japan’s Valuation Conundrum: Part 3:
But why should valuations rise?.................................... 20
Japan’s Valuation Conundrum: Part 4: Business behaviour
appears to corroborate our conclusions...................... 24
Sentiment & Technicals............................................... 26
What makes Japan perform: Concepts and Triggers . 30
A Secular Change that Should Not be Underestimated . 35