NYC Lunch on Japan’s Defense Transformation & Market Implications | RECAP

研报英文原文证据摘录

NYC Lunch on Japan’s Defense Transformation & Market Implications | RECAP

ritize defense of its own territory—particularly its southwestern

islands in close proximity to Taiwan—rather than independently engaging in Taiwan’s defense or

blockade operations.

Aniket Shah, PhD * | Head of Sust. &

4) Japan’s defense industrial base is investable but remains underdeveloped. The sector is Transition Strategy

(212) 323-3976 | ashah14@jefferies.com

dominated by diversified conglomerates (MHI, KHI, IHI), with defense still accounting for a minority

of revenues, though exposure is rising (e.g., MHI ~10% to >20% over five years). Structural Yujin Kim * | Sust. & Transition Strategy

Associateconstraints persist, including a limited export track record and scale. The most compelling

+1 (212) 778-8314 | ykim4@jefferies.com

opportunities are in niche segments—space, sensors, solid rocket motors, robotics, batteries, radar,

Charles Boakye, CFA * | Sust. & Transitiondrones, and autonomy—while large-scale platform exports are likely to lag peers such as South

Strategist

Korea. (212) 336-6649 | cboakye@jefferies.com

5) The year-end strategy should define capability priorities and industrial policy direction. Luke Sussams ^ | Sust. & Transition Strategist

The upcoming package is expected to focus on four pillars: (i) space-based ISR, (ii) drones and 44 (0)20 7548 4404 | lsussams@jefferies.com

autonomous systems, (iii) long-range “kill-chain” capabilities, and (iv) munitions stockpiles and Jacqueline Murdock ^ | Sust. & Transition

industrial capacity for sustained conflict. Additional measures may include a dedicated defense Strategy Associate

+44 (0)20 7548 4165 | jmurdock@jefferies.com

industrial strategy, expanded government support for manufacturing capacity, and incremental