摩根大通：日本股票策略_不确定性中资本支出扩张周期延续_有前景的行业和公司

J P M O R G A N Global Markets Strategy 11 June 2025 Japan Equity Strategy Capex expansion cycle continues amid uncertainty: Promising sectors and companies A capex expansion cycle continues for Japanese companies even as uncertainty over US tariff policy rises. In FY2024, capex in semiconductors, automation, power transmission and distribution, and inbound sectors advanced. Capex accounts for nearly 20% of Japan's GDP, and corporate capex expanded during periods of economic growth and a booming stock marke ...