2025 年全球敞口指南–日本股票策略-Global Exposure Guide 2025 – Japan_ Japan Equity Strategy _ Japan

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the Japanese corporate sector, particularly analyzing revenue exposure to various global regions and countries in light of geopolitical shifts and supply chain changes [1][5][12]. Core Insights - The database includes over 3,200 stocks, with revenue projections for 2025 compiled by more than 250 analysts, expanding coverage from approximately 290 to nearly 500 Japanese stocks since the end of 2023 [3][11]. - Japanese firms have an overseas revenue exposure of 40-50%, with a gradual increase noted even among non-manufacturers [11][18]. - The Americas account for the highest portion of overseas revenues at 18%, followed by Asia (excluding Japan and China) at 11%, developed markets in Europe at 7%, and China at 5% [18][22]. - Domestic-demand sectors have outperformed in the past year, aided by a stronger yen [11]. Sector-Specific Exposure - Sectors with high exposure to the US include rubber products, transportation equipment, and pharmaceuticals, with ratios exceeding 30% [32]. - High exposure sectors to China include electric appliances, textiles & apparel, and precision instruments [11][42]. - Mining shows significant exposure in EEMEA, while sectors like electricity & gas and land transport have minimal exposure [31][38]. Cost Exposure Insights - Japan accounts for at least 76% of total costs for 58% of the covered stocks, with 31% of companies having 0% overseas costs [52]. - The US is responsible for 26-50% of costs for 8% of the stocks, while exposure to Europe and other regions is modest [52]. Trends and Changes - The report indicates a shift in the range of target firms, which has affected the overseas revenue ratios, particularly for non-manufacturers [26][22]. - The number of stocks covered has increased significantly from 274 in 2023 to 477 in 2025, with a focus on small and medium domestic-oriented firms [14][12]. Investment Implications - Investors can align their portfolios with economic conditions in various regions by holding stocks with high exposure to those areas [11]. - The report emphasizes the importance of understanding both revenue and cost exposures in the current trade policy environment [51]. Additional Noteworthy Points - The report utilizes the Global Industry Classification Standard (GICS) for categorizing sectors but also considers the 33 industrial sectors on the Tokyo Stock Exchange for familiarity among Japanese investors [15]. - The analysis includes a detailed breakdown of revenue exposure by sector and region, providing a comprehensive view of potential investment opportunities and risks [50][49].