Japan economic perspective: Asia trip report,13–17 July 2026

Research evidence excerpt

Japan economic perspective: Asia trip report,13–17 July 2026

Global Markets Research

21 July 2026Japan economic perspective

EQUITY: JAPAN STRATEGY

Research Analysts

Asia trip report, 13–17 July 2026 Macro strategy

Kohei Okazaki - NSC

kohei.okazaki@nomura.com

Equity investors' interest in GPIF is moderate +81 3 6703 1255

• Equity investors and macro investors show different levels of interest in changes in

GPIF fund management.

• Interest in monetary policy has shifted toward the terminal rate.

• While there is interest in the specific measures in the 17 strategic areas, the issue of

how this will be funded gets broader attention.

Visits to investors in Malaysia, Singapore, and Hong Kong (13–17 July)

We had the opportunity to meet with investors in Malaysia, Singapore, and Hong Kong on

13–17 July. The majority of our meetings were with equity investors, primarily sovereign

wealth funds and hedge funds.

GPIF: Equity investors show only moderate interest

Finance Minister Satsuki Katayama made remarks concerning the Government Pension

Investment Fund (GPIF) in the week before our visits, so the topic came up in almost all of

our meetings. That said, our impression is that equity investors' interest in this matter is

moderate. We think this is because Japanese equities are already near all-time highs and

the AI and semiconductor boom, which has been the theme driving the global equity

market, is entering a correction phase. Given the limited reaction in the stock market

immediately after Katayama's remarks, we did not sense any urgency about this issue

overall.

This author also met with investors who engage in macro investing (though they are a

minority), and they showed a keen interest in potential changes to GPIF's asset allocation