Amundi’s Investment Institute argues that corporate governance reforms, reflation, and pro-growth policy are transforming Japan from a persistent “value trap” into a structural opportunity for equity investors.
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Japan has exited decades of deflation, with inflation averaging ~3.1% between 2023–2025 and wages rising after years of stagnation.
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Corporate governance reforms are pushing firms to unwind cross-shareholdings, reduce idle cash, and increase dividends and share buybacks, improving capital efficiency.
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Foreign investors are returning, with ¥5.4 trillion in net equity purchases in 2025, reflecting renewed global interest.
Is Japan entering a durable rerating cycle after decades of underperformance? The full report examines the structural drivers behind the shift.
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