*J.P. Morgan Asia FTM 29 Jun 26 Japan – ¥370 tn growth investment; Iluvatar – CSP design wins; Luxshare – Strong iPhone demand; EMC - Lead widening; TIME dotCom – init. at OW

研报英文原文证据摘录

*J.P. Morgan Asia FTM 29 Jun 26 Japan – ¥370 tn growth investment; Iluvatar – CSP design wins; Luxshare – Strong iPhone demand; EMC - Lead widening; TIME dotCom – init. at OW

Asia Pacific Equity Research

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Asia First to Market 29 June 2026

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Japan Equity Strategy, Japan (Rie Nishihara)

JPM view on impact of ¥370 trillion growth investment in 17 strategic areas and financial growth

strategy

On June 24, Japan’s government called for over ¥370 trillion public-private growth investment in 17 strategic

areas by FY2040 . Investing in strategic areas is a key theme for enhancing Japan’s growth potential and

supporting the Japanese equity market. Putting aside the feasibility of the long-term target of over ¥370

trillion, we believe this investment could serve to increase Japan’s growth potential, corporate profit growth,

and valuations. The government did not present a specific order of priority for investment areas, but we

expect accelerated capital investment in the next few years in areas related to economic security and

infrastructure, including AI/semiconductors (physical AI), cybersecurity, materials, resource and energy

security, and disaster prevention and national resilience. Regarding fiscal health, the government expects

the ratio of government debt-to-GDP to continue declining through the mid-2030s (the second scenario),

due partly to economic growth amid inflation, and sees limited near-term risk of a rise in long-term interest

rates.