Japan insurance & diversified financials: Visits to Asian investors (July 2026)

Research evidence excerpt

Japan insurance & diversified financials: Visits to Asian investors (July 2026)

Global Markets Research

Japan insurance & diversified financials: Visits to 22 July 2026Asian investors (July 2026)

EQUITY: JAPAN INSURANCE & DIVERSIFIED FINANCIALS

Research AnalystsUnexpected interest in nonbanks, stock selection

Japan insurance & diversifiedwithin financials broadening financials

Futoshi Sasaki - NSCQuick Note futoshi.sasaki@nomura.com

+81 3 6703 1053

Our views / discussions with Asian investors Cholchi Kwak - NSC

We had the opportunity to talk with around 35 institutional investors in Asia (Hong Kong, cholchi.kwak@nomura.com

Malaysia, and Singapore) over 13–17 July. We held discussions with more equity fund +81 3 6703 1175

managers than we had previously expected, bucking the view that there would be little

interest in the securities, insurance, and diversified financials sector, as it sees fewer

direct benefits from BOJ rate hikes than banks. We attribute this to investors taking the

view that they need to look at financials other than banks now that investment based on

specific themes or momentum has become less effective. While there was no marked

skew in terms of which subsectors were the subject of discussions, we got the impression

that investors are primarily interested in large-cap stocks at this time.

Our views: We emphasized the following main points. (1) Share prices probably reflect

the current market conditions of rising market interest rates, rising equities, and yen

depreciation, and we think the time is right to focus more on stock-specific changes. (2)

We see positive changes ahead for stocks that have been lagging because of concerns

about weakness in new policy acquisitions or the negative impact of rising interest rates