实时全球研报

Matsuzawa Morning Report

发布日期: 2026-07-13研究机构: Nomura报告页数: 10原文语言: English证据页码: 1

研报英文原文证据摘录

Global Markets Research

13 July 2026Matsuzawa Morning Report

Macro Strategy - Japan

Research AnalystsThoughts on Katayama's statements on GPIF investments

Strategy

Naka Matsuzawa - NSC

Foreign investors' views on Japanese markets (1): Equities naka.matsuzawa@nomura.com

+81 3 6703 3864

-Katayama'sstatementsonGPIFmanagementcouldbeasignthattheTakaichi

administrationisbeginningtotakeseriousstepstocurbJPYdepreciationandsteepening

inthebondmarket.

-AdditionalinformationonGPIFmanagementisunlikelytoemergeinthenearterm.

-IfGovernorUeda'strueintentionistoexpandalternativeinvestments,themarketwould

likelybedisappointed.

-ThereactioninthebondmarketwasnotablylargerthanintheequitiesorFXmarkets,

suggestingthatKatayama’sremarksmayhaveservedasatriggerforshort-coveringin

bonds.

-ThestockmarkethasnotyetdigestedKatayama'scomments;ifaNISAcategorylimited

toJapaneseequitiesreallywasformed,itwouldbeapositivesurprise.

-ForeigninvestorsareseeminglyskepticalaboutthesustainabilityofJPYweaknessand

lookforopportunitiestoshiftintodomesticdemandstocksonsignsofJPYappreciation.

Today's Japanese market

In Japanese markets on Monday, this author expects upside to be limited for both bonds

and equities (in overnight futures trading, bonds and equities were up 31 sen and JPY550,

respectively, over OSE). In overseas markets last Friday, equities strengthened and bonds

weakened as investors priced in expectations for an economic recovery. The situation in

the Middle East resembled a stalemate, and crude oil prices were roughly flat. In US

equities, there was no clear thematic focus in buying and no consistent pattern in sector

leadership. Within tech, semiconductors and hyperscalers were firm while tech equipment

and software were weak.

本摘录由系统从所标注的 PDF 证据页直接提取并保留英文原文，不做批量翻译；登录后在阅读器切换中文时才按需翻译。