策略专题研究：日本股市，深度复盘和未来展望

Group 1 - The report highlights that since the end of 2001, Japan's fiscal policy has accelerated structural reforms to prevent the economy from falling into deflation, particularly following the rapid changes in the economic environment after the September 11 attacks in the U.S. The government implemented a "Emergency Response Plan" and executed a supplementary budget of approximately 4.1 trillion yen to maintain fiscal health while preventing a short-term economic downturn [1]. - In 2002, the report notes that value investing strategies continued to outperform, with small-cap, low-priced stocks, and high-dividend stocks showing relative resilience. The report indicates that only two out of 32 industries in the Tokyo Stock Exchange index saw gains, with rubber products and precision instruments rising by 6.24% and 2.05%, respectively [3]. - The report discusses the impact of external trade friction and currency strength on Japan's economy, emphasizing the need for strategies to cope with U.S. trade restrictions and the strengthening yen, which has pressured exports. It also notes the historical context of U.S.-Japan trade friction, particularly in capital-intensive industries like machine tools, semiconductors, and automobiles [6]. Group 2 - The report outlines the "Trinity Reform" initiated by the Japanese government in 2003, aimed at adjusting the fiscal relationship between central and local governments, enhancing local fiscal autonomy, and promoting decentralization. This included reducing and abolishing treasury burdens, adjusting local transfer taxes, and reforming tax source distribution systems [7]. - The report indicates that Japan's stock market has experienced a long historical cycle, transitioning from decline to prosperity. It reviews the past 30 years post-bubble economy collapse, detailing various government measures taken during different phases of the stock market's development [42]. - The report emphasizes the investment opportunities arising from Japan's aging population and the "silver economy," highlighting the growth in sectors such as healthcare, digital technology, and financial services, driven by the increasing demand from the elderly population [26].