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TOSHIYUKI AIZAWA

Globe editors have posted this research report with permission of Gluskin Sheff + Associates Inc. This should not be construed as an endorsement of the report's recommendations. For more on The Globe's disclaimers please read here. The following is excerpted from the report:

We recently returned from Japan, where we visited 16 companies from a number of industries. Positive changes are indeed happening, but it is important to monitor the pace of these changes relative to expectations.

Japanese companies continue to benefit from the lower yen, lower energy prices and loose government monetary policies. Japanese firms are also benefiting from the increase in equity allocations from pension funds.

Even for companies that do not comply with the new corporate governance code, penalties are light. The failure to deploy cash was also an issue.

We see significant long-term potential for the Japanese market. We believe that investment in the Japanese market will reward investors willing to take a patient, tactical approach.

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