Outlook on Japan: July 2023

Outlook — Lazard Asset Management

July 10, 2023


Lazard's Outlook series provides a forward-looking view, over the short, medium, and/or long term, of asset classes, sectors, regions, or countries from the view of Lazard Asset Management. In this edition, LAM portfolio managers share their outlook for Japan in Q3 2023. 


  • A confluence of positive tailwinds, including a visit by Warren Buffett and moves from the Tokyo Stock Exchange (TSE), provided a welcome lift for Japanese equities during the quarter.

  • The TSE is encouraging Japanese companies to put their best foot forward when it comes to courting global markets and enhancing their corporate value — and it may be working.

  • We continue to believe that the Bank of Japan is on a path to normalization as inflationary expectations in Japan could lead to positive changes in consumption patterns and corporate investment behavior.

  • Potential market choppiness, or even a correction, over the next few quarters may create an opportunity for investors to reevaluate their exposure to Japanese equities as structural changes take root.

Click here to read our Outlook on Japan for Q3 2023.

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