Report published September 29, 2026

Beneficiaries of Japan's Inflation: UBS Portfolio Positioning & Equity Strategy

UBS · September 29, 2026

UBS presents its 25-stock 'Beneficiaries of Japan's Inflation' equity preference list designed to outperform the TOPIX over the next 6 to 12 months. The portfolio focuses on quality high-ROE companies, corporate governance reformers, and financials poised to gain from BoJ rate normalization.

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Finvaulta summarizes UBS's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.Japan is experiencing a sustainable inflationary environment for the first time in nearly 30 years, driving corporate governance reforms, increased capex, and share buybacks.
2.UBS recommends quality Japanese equities with high ROE, share buyback potential, and exposure to moderate inflation and wage growth to outperform the TOPIX over the next 6 to 12 months.
3.Bank of Japan policy rate normalization is projected to lift rates by an additional 50 bps over the next 12 months to 1.5%, providing strong earnings tailwinds to mega-banks and regional banks.

Equity preferences
Positioning and key trends
Equity selection

Report data

Most Preferred — as of September 29, 2026.

Metric	Estimate	Context
Expected BoJ Rate Hikes	50 bps	Lifting the BoJ policy rate to 1.5% for the first time since the 1990s
Projected BoJ Policy Rate	1.5%	Expected terminal policy rate milestone
Number of Most Preferred Constituents	25 stocks	Active constituents in the Beneficiaries of Japan's Inflation equity preference list
Advantest Global SoC Tester Market Share	70%	Advantest market share in System-on-Chip tester market
Ibiden Market Share of GPU Substrates for NVIDIA	70%	Market share of GPU substrate packages supplied to NVIDIA