Outlook on Japan: October 2023

Outlook — Tokyo, Lazard Asset Management

October 09, 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 Q4 2023. 


  • With an unexpected move to widen yield curve control in July, the Bank of Japan has begun carving a path to policy normalization, and we expect more adjustments to come.

  • Recent changes in the behavior of Japanese consumers and companies indicate to us that a shift away from a deflationary mindset is underway, a very positive development for the economy.

  • Modifications to the Nippon Investment Savings Account (NISA) are imminent and may encourage savers to invest in risk assets, resulting in more demand for Japanese equities over time.

  • In light of these changes and ongoing corporate governance reforms, we are very optimistic on Japanese equities in the medium and long term and would view a market pullback in the short term as a potential opportunity for investors.

Click here to read our Outlook on Japan for Q4 2023.

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