2016 All-Japan Research Team: Equity Strategy, No. 3: Hisao Matsuura
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2016 All-Japan Research Team: Equity Strategy, No. 3: Hisao Matsuura

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In his second appearance on this lineup, Hisao Matsuura advances from runner-up to third place.

< The 2016 All-Japan Research Team


Hisao Matsuura

Nomura

First-place appearances: 0


Total appearances: 2


Team debut: 2015


In his second appearance on this lineup, Hisao Matsuura advances from runner-up to third place. The 43-year-old researcher has been with Nomura since 1999, working as an Asia ex-Japan economist and equity strategist before assuming his current role. He previously spent four years at Nikko Securities and holds a bachelor’s degree in information technology from Kyoto University. Matsuura sees the Bank of Japan’s negative interest rate policy as a central consideration going forward. “Though investors’ expectations are not high, especially during the current market turmoil, I think this policy decision supports the Abenomics evolution,” he explains, since a key focus of Prime Minister Shinzo Abe’s economic program is the deployment of corporate and individual financial assets to support growth. He expects the Nikkei 225 Stock Average to end this year at approximately 20,000, implying a 5.1 percent upside from its closing value in 2015. The benchmark gained 9.1 percent last year, but it had dropped 14.4 percent by mid-March, to 16,724.81. Steel stocks should perform particularly well, the analyst believes, because in-country production is likely to expand as auto manufacturers with overseas facilities shift production back to Japan. In addition, he forecasts that machinery companies will be buoyed by a projected increase in domestic private capital expenditures. The country has been facing a labor shortage, and private capex is necessary for higher productivity, says Matsuura. Finally, he contends, asset inflation resulting from negative interest rates is likely to support gains for the real estate industry. “He has a timely response to market movements, with unique and precise sector recommendations,” one fund manager affirms.



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