Group 1: Japan Market Focus - The report highlights the commencement of tariff negotiations between Japan and the US, with potential concessions from Japan including LNG and military equipment purchases, and reduced agricultural import tariffs [11][13] - The report indicates that the Japanese economy's growth is expected to be driven by domestic demand, with a focus on companies with high domestic revenue, such as drugstore chains [19][20] - The report suggests that the Bank of Japan may consider raising interest rates in the second half of the year, with a target policy rate of 0.8%-1% by year-end [16][19] Group 2: India Market Focus - The report notes that India's overall CPI has dropped to its lowest level in nearly six years, which supports expectations for further monetary easing by the Reserve Bank of India [33][34] - The report emphasizes that India's economy is primarily driven by domestic demand, making it less susceptible to external trade policy impacts, and forecasts a stable long-term growth trend despite short-term cyclical slowdowns [40][41] - The report identifies Tata Communications and HDFC Asset Management as key investment opportunities, with Tata Communications expected to see double-digit growth in data services revenue [42][41] Group 3: Gold Market Focus - The report discusses the increasing global demand for gold driven by geopolitical uncertainties and the impact of US tariff policies, which are expected to support higher gold prices [54][57] - The report anticipates that gold prices could reach $3,337 per ounce by mid-2025 under neutral conditions, with potential highs of $3,620 and lows of $3,081 under optimistic and pessimistic scenarios, respectively [54][57] - The report highlights investment opportunities in gold mining and jewelry sectors, specifically mentioning Shandong Gold and Laopu Gold as potential beneficiaries of rising gold prices [58][57]