The Japanese valuation picture versus developed markets

Against a backdrop of global concerns, along with equities around the world, the Japanese market has been correcting sharply of late. However, compared to other major markets, Japan remains an outperformer so far this year, continuing its bull run of over two and a half years.  Although we do see further challenges for Japan, including reinvigorating the domestic economy and overcoming the hurdles confronting the Abe government's structural reform programme.  Although US interest rate rises are on the agenda, we are not looking for a significant tightening of monetary conditions globa...