Asset Management One
The latest research and outlooks in the ProAllocate library
- Macro
<Macro Strategy> Asset Management One - Japan Outlook September 2026
Asset Management One forecasts Japanese equities will keep rising on strong earnings momentum despite AI-stock concentration, while JGB yields face persistent supply concerns and the yen stays weak near 160 pending faster BOJ hikes. It expects the BOJ's next rate hike in September or October 2026 as inflation pressures from oil prices push CPI above 2% in fiscal 2026.
- Equities
Japan Investment Commentary and Market Outlook July 2026
Japanese equities were volatile in July as investors rotated out of AI and semiconductor stocks, though strong earnings and domestic sectors stabilised markets. The manager stays constructive, citing an investment-led profit cycle, governance reforms and a more stable yen.
- Equities
AI, Semiconductors and Japan's Government-Led Growth Investment Strategy
Asaoka argues recent volatility in AI and semiconductor stocks reflects stretched valuations, moderating AI token spending and doubts over hyperscaler returns. Meanwhile, Japan's government is promoting an Economic Profit framework to redirect corporate cash reserves toward growth investment rather than shareholder returns.
- Equities
Japan Investment Commentary and Market Outlook June 2026
Asset Management One maintains a constructive view on Japanese equities in June 2026, citing reasonable valuations, three consecutive years of double-digit EPS growth, robust AI-driven capex, improving pricing power and government investment plans. It flags AI demand, monetary normalisation and long-term rate moves as key risks.
- Equities
Japan Investment Commentary and Market Outlook May 2026
Japanese equities hit record highs in May 2026, led by AI and semiconductor stocks. The manager retains a constructive medium- to long-term view, citing inflation normalisation, corporate reform, resilient domestic demand and the emerging 'Sanaenomics' policy framework.
- Equities
<Macro Strategy> Asset Management One - Japan Outlook June 2026
Asset Management One forecasts a robust Japanese economy and stock market driven by AI and semiconductor stocks, with TOPIX earnings growth near 10% for FY2026. It expects Bank of Japan rate hikes to continue semi-annually toward at least 1.5%, with the yen remaining weak.
- Macro
The Economic Environment Surrounding Yen Interest Rates
Japanese long-term yields have climbed to near 30-year highs on inflation, fiscal and BoJ-timing concerns, with the author viewing 2.5-3.0% as reasonable given potential growth and expected inflation. Rising service prices, oil-driven cost pressures and a positive output gap suggest the BoJ will raise rates sooner or later.
- Equities
Japan Investment Commentary and Market Outlook April 2026
Japanese equities rallied sharply in April, with the Nikkei up 16.1%, driven by resilient corporate earnings, strong US tech and easing geopolitical concerns. The manager maintains a constructive structural view, citing inflation normalisation and corporate reform despite Middle East oil risks.
- Equities
AI & Semiconductors: Durable Earnings Momentum into Year-End
The manager argues that equity gains, especially in AI and semiconductor stocks, are driven by rising earnings estimates rather than multiple expansion, with S&P 500 Q1 2026 growth reaching 28.6%. AI-related capex is spreading beyond tech, sustaining earnings momentum into year-end.