The Tokyo Stock Price Index (TOPIX) hit its highest point since 1990 in mid-September and foreign investments into Japan continue to rise. This long-awaited resurgence and the possibility of a once-in-a-generation re-rating for Japanese assets has led to a meaningful shift in investor sentiment. However, Japan’s economy is experiencing a revival in 2023, spurred by domestic macroeconomic strength, a departure from deflation, and corporate governance reform. The term “Japanification” became shorthand for the country’s prolonged economic plight and a warning to other advanced economies hoping to avoid the same fate. For three decades, Japan's economy stayed stagnant, plagued by a combination of low growth, low inflation, and low interest rates.
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