【出版时间及名称】：2010年1月日本证券市场投资策略报告
        【作者】：德意志银行
        【文件格式】：pdf
        【页数】：30
        【目录或简介】：

Crisis hits Japan badly due to low margins
The Japanese economy, which was held to be immune to the effects of the
subprime turmoil, proved to be the worst affected among the developed
economies by the financial crisis. This is because of the low level of Japanese
corporate margins, which amplified the blow to profits when the shock hit.
Shareholder governance focus to spur improved crisis response
Shareholders are an economic entity preferring growth over stability and efficiency
over scale. Maximizing shareholder value is effective in the pursuit of high margins
and strengthening the company’s ability to respond to systemic shocks.
Shareholder governance would also lead to structural improvement in Japanese
firms in the face of the even bigger threats posed by the aging population and
globalization.
Japan’s structural strengths to emerge when firms come to value margins
Low margins technically mean a high beta, so we expect Japan to outperform
other major markets as the global economy recovers. Additionally, once Japanese
corporations move to boost their margins though their pricing power and
productivity, we expect a structural outperformance in Japanese stocks as well.
Positive scenario is elimination of cross shareholdings
Cross shareholding arrangements and parent-subsidiary joint listings are becoming
more evident due to various developments in the Democratic Party (DPJ), Tokyo
Stock Exchange (TSE), International Financial Reporting Standards (IFRS), BIS
regulations and elsewhere. A positive scenario of an elimination of cross
shareholdings is growing increasingly feasible.