Japan continues to be the relative value trade in equities

In an environment where no region presents an obvious opportunity from a valuation perspective in 2019, Japan offers investors the best chance to at least get access to a major market at something of a discount.

This is not a recent development. The country has looked relatively cheap over both short and long-term investment horizons and continues to pivot its economy for a period of sustained growth.  It is therefore surprising, though beneficial, to see it so under-owned, with the latest Fund Manager Survey from Bank of America Merrill Lynch showing a 4% underweight to Japan.  Abenomics is proving itself to be a positive influence on the prospects for Japanese businesses. Corporate governance reforms are making a real difference to the way businesses are run and this is having a positive...