London Investor Visit Feedback

研报英文原文证据摘录

London Investor Visit Feedback

Update

July 27, 2026 05:57 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.MJapan Economics | Japan Masayuki Inui

Economist

London Investor Visit Feedback Masayuki.Inui@morganstanleymufg.comTakeshi Yamaguchi +81 3 6836-5407

Chief Japan Economist

Takeshi.Yamaguchi@morganstanleymufg.com +81 3 6836-5404

Discussions centered on monetary and fiscal policy, and FX.

Expectations for earlier rate hikes and further yen weakness

have increased, while fiscal concerns remain high but vague and

await greater clarity. Longer-term discussions focused on how

Japan shift from nominal to real structural change.

Key Takeaways

Extended London investor trip reflecting strong investor interest

Rising expectations for earlier BoJ rate hikes among both equity and fixed income

investors

Vague but rising fiscal concerns following the Basic Policy on Economic and Fiscal

Management

Interest in whether Japan's economy can transition from nominal to real

structural changes

Growing concerns about further yen depreciation

Extended London investor trip reflecting strong investor interest: From July 20-

24, Masayuki Inui from the Japan Economics team visited investors in London and

exchanged views with both equity and fixed income investors. Reflecting the strong

level of investor interest, the trip was extended beyond the original schedule, with

meetings conducted over five days in London. Many senior investors, including CIOs

and partners, participated in the discussions. Key topics included: (1) the future path

of policy rate hikes if the BoJ were to become more flexible regarding the pace of

tightening, (2) the Takaichi administration's 17 strategic investment initiatives and

broader fiscal policy stance, and (3) recent developments in USD/JPY and long-term