普来仕：日本股票估值吸引 仍存在重大投资机遇

Group 1 - Japan's stock market has seen significant gains since the end of April, driven primarily by a trade agreement with the United States that sets tariffs at 15%, much lower than the previously threatened 25% [1] - The market is optimistic about the Federal Reserve potentially lowering interest rates this fall, which is expected to benefit risk assets, including Japan's open and cyclical economy [1] - Japan's domestic economy is moving away from a prolonged period of zero inflation and growth, with increasing inflationary pressures and accelerating economic growth, prompting a shift of assets from cash and fixed-income instruments to the stock market [1] Group 2 - Corporate governance reforms are impacting various sectors of the stock market, with some industries showing a stronger intent to reform, which is crucial for identifying investment opportunities [2] - Financial stocks are expected to benefit from a high-interest environment as Japan emerges from three decades of deflation, with the financial sector likely to gain from higher interest rates and a steeper yield curve [2] - Industrial stocks are poised to benefit from corporate governance reforms and strong global economic growth, as well as increased government spending and investment, particularly in defense-related companies due to commitments from NATO member countries like Japan and Australia [2]