Asian Growth Update - June 2023

Looking back (though it’s not like we didn’t already know), it is clear that we have been living in an increasingly distorted world. Financially, for the last decade, it has been about interest rates falling to (and staying at) zero in a world of general money printing.

  • 10 mins

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Latest insights

In the past 12 months, global investors have worried about a “regime change” in the long-term inflation outlook, as well as the heavy rotation away from technology companies after the Covid optimism reversed.
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  • 8 mins
Japan’s equity market experienced a sharp growth to value rotation in January, followed by an indiscriminate sell-off by foreign investors as sentiment on the global economy turned pessimistic.
  • Webcast
  • 45 mins
Given inflation levels are picking up around the world, why is this not a problem in Japan? There are fundamental differences in Japan’s economy to explain this. First, underlying consumption has stood still in the past decade or so.
  • Article
  • 12 mins
The performance of the FSSA Japan Equity strategy has been under pressure year-to-date, driven by a violent style and sector rotation from quality growth to financials and cyclical companies.
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In our last client update, we discussed the reasons we resisted the temptation to switch into pure cyclicals and so-called “value” stocks — even though we had anticipated a sector rotation in the market.
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  • 15 mins
In the most recent data, Japan’s economy shrank less than forecasted during the first quarter of the year. With the vaccination program on high gear, are we finally seeing light at the end of the tunnel for Japan?
  • Webcast
  • 53 mins