{"id":23439,"date":"2026-01-30T10:36:20","date_gmt":"2026-01-30T09:36:20","guid":{"rendered":"https:\/\/latribune.lazardfreresgestion.fr\/?p=23439"},"modified":"2026-01-30T10:36:20","modified_gmt":"2026-01-30T09:36:20","slug":"japan-entering-a-new-economic-era","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/japan-entering-a-new-economic-era\/","title":{"rendered":"Japan: Entering a New Economic Era"},"content":{"rendered":"<h2>Chart of the Week<\/h2>\n<p>Japan enters the year amid a busy political calendar. The dissolution of the lower house on January 23 has set the stage for early legislative elections on February 8. Economic issues \u2013 particularly inflation \u2013 feature prominently in the campaign. Although headline inflation stands at a moderate 2.1% over the 12 months to December, some essential goods, including rice, are still rising by more than 30%.<\/p>\n<p>The current political uncertainty should be temporary, but Japanese markets are pricing in the scenario of sustained high inflation. Long\u2011term sovereign yields have climbed back to levels unseen in decades, with the 30\u2011year yield around 3.65%. The yen remains very weak, having depreciated from roughly 100 JPY per USD before the pandemic to about 150 JPY per USD today. Equity markets, meanwhile, continue to perform strongly, supported by robust corporate earnings.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-23443 size-full\" src=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2026\/01\/GDS-EN-30-01-scaled.png\" alt=\"\" width=\"2560\" height=\"1032\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2026\/01\/GDS-EN-30-01-scaled.png 2560w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2026\/01\/GDS-EN-30-01-300x121.png 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2026\/01\/GDS-EN-30-01-1024x413.png 1024w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2026\/01\/GDS-EN-30-01-768x310.png 768w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2026\/01\/GDS-EN-30-01-1536x619.png 1536w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2026\/01\/GDS-EN-30-01-2048x826.png 2048w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\" \/><\/p>\n<h3><b>OUR <\/b><b>ANALYSIS<\/b><\/h3>\n<p>We see the rise in interest rates in recent years as a normalization, with Japanese yields moving closer to levels seen in Western markets. With inflation having remained above 2% for nearly four years and public debt now exceeding 230% of GDP, Japan\u2019s shift into a new interest\u2011rate environment appears broadly aligned with underlying macroeconomic conditions. It is also worth noting that demand for Japanese government bonds remains strong, particularly among domestic investors.<\/p>\n<p>Finally, on the equity side, the efforts made in recent years by many Japanese companies to improve their profitability are bearing fruit: market consensus points to earnings\u2011per\u2011share growth of around 10% in 2026, supported by the broader shift away from years of very low inflation.<\/p>\n<p>***<\/p>\n<p>Written on January 30 2026. Opinions subject to change.<\/p>\n<p>See also: <a href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/german-industry-could-be-making-its-comeback\/\">German Industry Could Be Making Its Comeback<\/a><\/p>\n<p>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":"<p>Japan enters the year amid a busy political calendar.<\/p>\n","protected":false},"author":101016,"featured_media":23437,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148],"tags":[2723,1940,1977],"class_list":["post-23439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week","tag-equity","tag-inflation-en","tag-japan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Japan: Entering a New Economic Era<\/title>\n<meta name=\"description\" content=\"Japan enters the year amid a busy political 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