Japan Equity Strategy: JPM view on impact of ¥370 trillion growth investment in 17 strategic areas and financial growth strategy

研报英文原文证据摘录

Japan Equity Strategy: JPM view on impact of ¥370 trillion growth investment in 17 strategic areas and financial growth strategy

J P M O R G A N Global Markets Strategy

26 June 2026

Japan Equity Strategy

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 Equity Strategy

ACinvestment in 17 strategic areas by FY2040. Investing in strategic areas is a key Rie Nishihara

theme for enhancing Japan’s growth potential and supporting the Japanese equity (81-3) 6736-8629

market. Putting aside the feasibility of the long-term target of over ¥370 trillion, rie.nishihara@jpmorgan.com

we believe this investment could serve to increase Japan’s growth potential, JPMorgan Securities Japan Co., Ltd.

corporate profit growth, and valuations. The government did not present a specific Yong Guo, CFA

order of priority for investment areas, but we expect accelerated capital investment (81-3) 6736-8623

yong.guo@jpmorgan.com

in the next few years in areas related to economic security and infrastructure, JPMorgan Securities Japan Co., Ltd.

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

Mansi Das

energy security, and disaster prevention and national resilience. Regarding fiscal (91) 2261 573343

health, the government expects the ratio of government debt-to-GDP to continue mansi.das@jpmchase.com

declining through the mid-2030s (the second scenario), due partly to economic J.P. Morgan India Private Limited

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

rates. However, the fiscal balance-to-GDP ratio (including JGB interest payments)