Asia Equity Strategy

Japan and Korea have both undergone significant market re-ratings; however, Japan faces policy-related risks while Korea remains tethered to the semiconductor cycle.

Key Takeaways

• 1.Korea and Japan both experienced significant re-rating driven by AI, governance reform, and earnings, but possess distinct risk profiles.
• 2.Japan represents a policy risk linked to BoJ interest rate expectations and FX volatility, whereas Korea remains highly sensitive to the semiconductor cycle.

Table of Contents

• Same rerating, different risks
• Policy versus cycle

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