Benefiting from Japan's corporate culture amid 'bleak' macro picture

As ever, looking at Japan from a Bull/ Bear point of view proves to be a challenge.

While there are strong micro arguments to be bullish on Japanese stocks, the macro picture looks bleak and demographics continue to be a structural long-term challenge. Additionally, while the consumption tax hike in October was somewhat cushioned by governments cashless incentive programs and other grants, when Japan was about to digest the hike, Covid-19 hit hard. Not only were the Tokyo 2020 Olympics postponed to 2021, but global end demand and a significant disruption of the global supply chain in the manufacturing sector due to the business lock down in China, Europe and the US a...