401. The return of growth investing in Japan

This episode focuses on Japan’s changing market dynamics and why investor sentiment appears to be shifting after decades of stagnation. Richard Kaye, manager of the Comgest Growth Japan fund, discusses the return of domestic confidence, renewed consumer and corporate activity, and the growing role of institutional capital in supporting equities. We also explore Japan’s position within global technology and AI supply chains, highlighting its continued leadership in semiconductors, robotics, and industrial automation. Finally, we look at broader structural themes, including demographic change, labour market reform, and Japan’s integration into wider Asian growth. Together, these forces are reshaping the long-term opportunity set for investors in Japan.

What’s covered in this episode: 

• Japan’s shifting investor sentiment
• End of “lost decades” narrative
• Role of new political leadership
• Inflation, energy and macro backdrop
• Style rotation: value vs growth
• Return of growth investing in Japan
• Yen depreciation and market impact
• Japan’s role in global AI supply chains
• Semiconductor and tech leadership
• Robotics and industrial automation
• Structural demographic challenges
• Labour shortages and immigration policy
• Corporate adaptation and reform
• Rise of domestic institutional investors
• Long-term implications for global portfolios

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Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.