{"id":23207,"date":"2025-11-21T11:19:18","date_gmt":"2025-11-21T10:19:18","guid":{"rendered":"https:\/\/latribune.lazardfreresgestion.fr\/?p=23207"},"modified":"2025-11-21T11:19:18","modified_gmt":"2025-11-21T10:19:18","slug":"japan-from-lost-decades-to-a-recovery-decade","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/japan-from-lost-decades-to-a-recovery-decade\/","title":{"rendered":"Japan: From ‘Lost Decades’ to a ‘Recovery Decade’?"},"content":{"rendered":"

Chart of the Week<\/h2>\n

Since trade tensions eased in April 2025, the Japanese stock market has been experiencing strong momentum. The Topix has repeatedly surpassed its all-time high since the summer, currently trading around 3,300 points after a low of 2,243 points on April 7. The era of \u201clost decades,\u201d when the Japanese market remained far below its 1989 peak, is now decisively over.<\/p>\n

While part of this rally is a catch-up after years of stagnation, it is above all driven by the very strong earnings momentum of Japanese companies. Over the past 20 years, they have matched U.S. firms in earnings per share (EPS) growth, and over the last five years their momentum has been unmatched, with average EPS gains exceeding 10% annually.<\/p>\n

\"\"<\/p>\n

OUR <\/b>ANALYSIS<\/b><\/h3>\n

For many years, the strong growth of Japanese companies was not fully reflected in stock market performance. Two long-term trends are now contributing to the current revaluation. On the one hand, the end of deflation is strengthening companies’ pricing power and stimulating their growth investments \u2014 a trend welcomed by investors. On the other hand, the rapid improvement in corporate governance in Japan, actively promoted by Japan\u2019s market authorities, is helping to better align the interests of executives and shareholders.<\/p>\n

***<\/p>\n

Written on November 21 2025. Opinions subject to change.<\/p>\n

See also: United States: Will demographics depress the potential for a participation rate rebound? \u2013 Tribune Lazard Fr\u00e8res Gestion<\/a><\/p>\n

This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS. LAZARD FRERES GESTION \u2013 a simplified joint stock company with share capital of \u20ac14,487,500 \u2013 Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES \u2013 75008 PARIS, FRANCE<\/p>\n","protected":false},"excerpt":{"rendered":"

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