T. Rowe Price: Commentaar op opstappen van Japanse premier Shinzo Abe

T. Rowe Price: Commentaar op opstappen van Japanse premier Shinzo Abe

28 augustus 2020

Japan
Japan.jpg

Hieronder volgt een commentaar in het Engels van Archie Ciganer, Portfolio Manager Japanese Equity Fund, bij T. Rowe Price op het opstappen van de premier van Japan, Shinzo Abe.

"Following this evenings press conference, it has been confirmed that Prime Minister Abe has resigned from his position due to Ill-health. His resignation brings to an end an eight year term where he established political stability, enhanced international presence and introduced a new brand of constructive economic and social reform, coined as Abenomics.

From the beginning of his tenure, we have held a positive view of Abe’s reform program, especially given it has been set within a level of broad approval that brought stability and clarity to investors from a political governance dimension.

We believe that despite his resignation, Abe will remain influential within Japanese politics and within the LDP party. This is important from a continuity perspective. We do not expect that many of the positive and popular market reform aspects of Abe and the LDP’s policies will be impacted or rolled-back.

His successor will most likely come from his closer allies within the party and continue to move forward with the broad principles of constructive politics. While we have a good sense of who is most likely to succeed Abe as Prime Minister, we do not have any confirmation at this stage. We will provide further comment as specifics are announced.

The case for Japan Equity a good one, especially as we continue down a path of improvement from a structural and global economic dimension.  With corporate Japan evidencing little to no net debt and with corporate governance improvement continuing to show itself, even as corporate profits have been pressured, Japan provides a very different set of characteristics to US equities which have led the strong equity market rally in recent months.  As we look forward to the next stage of the equity cycle and the next evolution of domestic and international political governance, we continue to feel that Japan is a compelling active management case, given its under-owned and positive change dynamics."

Gerelateerde berichten