Japan Equity Style Investing Stay with AI Momentum, Hedge a Hawkish BOJ Hike with Value-Momentum

研报英文原文证据摘录

Japan Equity Style Investing Stay with AI Momentum, Hedge a Hawkish BOJ Hike with Value-Momentum

J P M O R G A N Global Markets Strategy

09 June 2026

Japan Equity Style Investing

Stay with AI Momentum, Hedge a Hawkish BOJ Hike

with Value-Momentum

• Japanese equities strengthened in May as risk-on sentiment accelerated on the Global Quantitative and Derivatives

back of easing geopolitical risk and a further intensification of the global AI Strategy

semiconductor boom. In line with record highs across major global equity Masanari Takada AC

markets, the Nikkei 225 rose sharply into early June, approaching the 68,000 (81-3) 6736-8636

level. While the rally was significantly supported by semiconductor-related masanari.takada@jpmorgan.com

names with large index weights, style performance also confirmed a broader JPMorgan Securities Japan Co., Ltd.

pro-risk bias, with Beta, Momentum, and Size, particularly Large Cap, Tony SK Lee

outperforming. (852) 2800-8857

tony.sk.lee@jpmorgan.com

• Global optimism toward AI semiconductors continued to support Japanese J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

equities on a smoothed basis, despite intermittent pullbacks driven by short-

Robert Smith, PhD

term overextension. In Japan, not only core semiconductor and semiconductor

(61-2) 9003-8808

production equipment names, but also AI infrastructure-related stocks posted robert.z.smith@jpmorgan.com

notable gains. The earnings contribution from the global surge in J.P. Morgan Securities Australia Limited

semiconductor demand remains a key driver. As a result, even when mini- Khuram Chaudhry

crashes in Momentum occur, fundamental investors have tended to buy the (44-20) 7134-6297

dips before selling pressure from speculative accounts becomes prolonged.