Published Research

The Japan Reawakening: A Structural Diversification Thesis

A framework for thinking about portfolio construction at current U.S. valuations.

Japanese small-caps trade at a 38% discount to U.S. peers in a market where corporate governance has structurally inflected. With the BOJ alone among developed central banks raising rates, $350B in M&A activity in 2025, and the TSE enforcing capital reform with delisting threats, this is a structural diversification trade with multiple paths to win.