是时候重新评估日本股票的机会了

Japanese equities have been volatile of late, falling sharply in August and September amid a global market sell-off before recovering in recent weeks. These swings have taken place at a time when investors have concerns about Japan’s growth prospects, with the economy threatened by the slowdown in neighboringChina。

这种短期波动率是从一个更大的故事窃取关注，因为有强大的论据支持越来越长的争论。结构经济改革，改善企业治理和养老基金股权持有的股权持有，创造了一个非常适合体制投资者的环境，长时间地平线。亚博赞助欧冠现在是时候重新评估日本股票的机会。

随着通胀和增长的低通胀和增长，最近总理Shinzo Abe和他的经济政策已经在火灾中受到抨击，以便没有履行重新兑现日本经济的承诺。然而，不利的标题数据掩盖了许多部门之间的稳固性能作为弱日元，由日本宽松的货币政策储蓄保持较低，已提高企业盈利能力。根据德勤的第三季度全球经济前景那30 percent of large public companies in Japan reported record profits for the latest fiscal year, with aggregate annual profits rising 6.7 percent to a record high.

出口商和那些拥有强大的海外subsidiaries are the first beneficiaries of the cheap currency, while the tourism sector is profiting from visitors’ additional buying power. Japan registered 12.9 international visitors from January to August, putting the country on track to attract nearly 20 million tourists for the year — an impressive number for a country that only crossed the 10 million threshold in 2013. Tourist numbers stand to increase further as the 2019 Rugby World Cup and 2020 Summer Olympics further boost Japan’s appeal as a destination. Tourism has lifted the bottom line for large retailers, with players such as Seven & i, Takashimaya and Ryohin Keikaku Co., owner of the MUJI store chain, all revealing substantial growth in their latest interim results.

The recent earnings growth is for the most part concentrated in large caps, including exporters and large banks. Smaller companies, which tend not to have as much international exposure, are more tied to the domestic economy, which has remained subdued.

结构改革，财政刺激和货币宽松之后的前兆学的第三个箭头正在日本逐步获得基础，重塑长期的商业规范。在机构投资者的最相关措施中是亚博赞助欧冠管理码那which stands to improve governance standards and restore the bargaining power of major shareholders vis-à-vis management. In addition to the code, the JPX-Nikkei Index 400, which tracks companies with high returns on equity and good governance, has also been launched and adopted as a benchmark by the Government Pension Investment Fund (GPIF).

迄今为止公布的200个机构通过，管理守则鼓励机构投资者在投资组合公司中公开投票历史，并与管理更积极地参与。亚博赞助欧冠若干投资管理人员已经使用这是一个跳板，概述了他们的董事会任命的政策，并在股权目标上返回，有理由为公司治理的中期长期未来乐观。这应该有点探讨关于管理监督的疑惑，这些疑虑是难以使外国投资者分配给日本的疑虑。然而，就劳动力市场而言，仍然需要进行结构性变革。努力推翻一家公司内的一生就业的传统，基于资历的工资已经转化为迄今为止只有适度的改革;需要几年时间才能发生重大变化。

A further consideration, intricately linked to the shift in governance, is the attitude of Japanese firms toward their balance sheets. Historically cash rich, these companies are gradually moving away from a legacy of low investment and aversion to share buybacks. Momentum has gathered recently behind buybacks, which rose 41 percent in the April–June quarter from a year earlier, to ¥2.1 trillion ($17.1 billion), according to Nomura Securities Co. Earlier this month Toyota Motor Corp. announced plans to buy back a record ¥798 billion of stock in the financial year ending March 31, 2016. At a time of robust profits and relatively low debt, this is an especially good time to place money back in shareholders’ pockets.

在需求方面，改变也在另一个地方 - 最后。GPIF的地标进入国内股票，现在占其猛犸象1.2万亿美元的猛犸象的25％，将现场纳入股票。这提供了对价格的支持，并鼓励公共和私人养老基金随后的股票购买。与美国相比，价格对账面比率看起来异常低，进入市场可能相对便宜，许多基金经理升级到超重评级以反映这一点。

在投资组合建设方面，日本股票也表现出与其他市场的低相关，这可能会鼓励多样化。尽管有新兴市场的担忧和中国的放缓，功能强大的内部司机结合了支持积极的前景，潜在的上行。意外的盈利收益，竞争性出口和旅游繁荣，由广泛的BOJ政策提供支持，指向众多价值口袋。不断发展的公司治理标准通过赋予主要股东权力，促使主要股东的兴奋，而股票回购涨幅，即使在短期内，也越来越多地与投资者相关，越来越多地将现金储备送回股东的手和上价。所有这些都转化为鼓励的投资情况，使机构投资者不应该忽视。亚博赞助欧冠

Julien Barral是伦敦投资咨询博氟的股权资产拨款高级助理助理。