To explore the most effective approaches to capturing the potential of what many perceived as undervalued Japanese equities, the Financial Times and Nikkei will convene a high level gathering in New York this June. Senior executives including institutional investors, advisors and ETF issuers will examine how to gain access to a market such as the Nikkei 225 index, focusing specifically on prospects for US listed ETFs as a tactical, cost effective asset allocation tool.
FT Briefing: Unlocking the Potential of Japanese Equities
Capturing the value of the Nikkei 225
WisdomTree Investments Inc.
In partnership with
As Japan looks ahead to a new era under Emperor Naruhito, the exceptional value offered by its equity markets presents new opportunities to international investors keen to unlock the yield potential of the third largest economy in the world. Company profits and capital returns have risen steadily in recent years and, despite stock market fluctuations, fundamentals are viewed as solid, marked by strengthening corporate governance and improved management. Caution remains the watchword, however, as Japan remains a cyclical market vulnerable to the growing uncertainty around shifting US-China trade dynamics, and the broader fragility of the global economy.
To explore the most effective approaches to capturing the potential of what many perceive as undervalued Japanese equities, the Financial Times and Nikkei will convene a high level gathering in New York this June. Senior executives including institutional investors, advisors and ETF issuers will explore how to gain access to a market such as the Nikkei 225 index, focusing specifically on prospects for US listed ETFs as a tactical, cost effective asset allocation tool.
Richard Co serves as Executive Director, Equity Products at CME Group. He is responsible for leading the development of new financial products and maintaining CME Group’s current financial product lines. Additionally, Co manages the company’s relationship with the Commodity Futures Trading Commission and participates in the development of corporate responses to regulatory initiatives.
Previously, Mr Co served as Director, Financial Research of CME since 2007. He joined CME in 1999 and has been involved in various capacities in the development of CME’s equity and interest rate products, including the launch of CME’s Consumer Price Index futures.
Mr Co earned a bachelor’s degree in economics and statistics from the University of Hong Kong in 1993 and a Ph.D. degree in economics from the University of Chicago in 1999. He is a CFA® charterholder.
Ayano Tsunoda is Vice President, Asia Equity Sales with Deutsche Bank in New York, specifically focused on Japan. Prior to joining DB, she has worked with Goldman Sachs, Barclays, and UBS in New York, advising US-based institutional investors on investments in Japanese equities. She has also advised Japanese corporate executives on investor relations strategies. Ayano holds a BA from Keio University and an MA from George Washington University.
Jesper Koll has been investing in Japan since becoming a resident in 1986. He was the founding Chief Executive Officer of WisdomTree Japan and now serves as senior adviser to WisdomTree Investments Inc. Over the past two decades, Jesper has been consistently ranked as one of the top Japan strategists/economists, having worked as Chief Strategist and Head of Research for major U.S. investment banks J.P. Morgan and Merrill Lynch. His analysis and insights have earned him a position on several Japanese government and corporate advisory committees. In 2016, Governor Koike appointed Jesper to her Tokyo Financial Center Advisory Board. He is also one of the few non-Japanese members of the Keizai Doyukai, the Japan Association of Corporate Executives. He has written three books in Japanese, Towards a New Japanese Golden Age, The End of Heisei Deflation, and the recently published Japan's Economy - The Envy of the World.
Paul Sheard is Senior Fellow of the Mossavar-Rahmani Center for Business and Government at Harvard Kennedy School. Previously, he was Vice Chairman of S&P Global, after serving as Executive Vice President and Chief Economist. Earlier, he held chief economist positions at Standard & Poor’s Ratings Services, Nomura Securities and Lehman Brothers, and was Head of Japan Equity Investments at Baring Asset Management. Dr Sheard served on the faculty of the Australian National University (ANU) and of Osaka University, and was a visiting assistant professor at Stanford University and foreign visiting scholar at the Bank of Japan.
Dr Sheard is a member of the World Economic Forum’s Global Future Council on the New Economic Agenda (2018-2019) and was a member of the WEF’s Global Agenda Council on the International Monetary System (2010-2012). He was appointed twice, by Prime Minister Hashimoto and by Prime Minister Obuchi, to serve on committees of the Japanese Government’s Economic Deliberation Council. He is on the board of the Foreign Policy Association and is a member of the Bretton Woods Committee, the Council on Foreign Relations, and the Economic Club of New York. Sheard served as a non-executive director of ORIX Corporation (2003-2010). He speaks regularly at conferences around the world, and his views on the global economy and policy are frequently cited in the international press. Author or editor of several books and numerous academic articles, Dr Sheard’s book in Japanese, Mein Banku Shihon Shugi no Kiki (The Crisis of Main Bank Capitalism), won the Suntory-Gakugei Prize in the Economics–Politics Division. He holds a BA (Hons) from Monash University and a Master of Economics and Ph.D. from the ANU.
Yoichi Shinohara is President of Nikkei America, part of Nikkei. He was formerly Editor-in-Chief for the Americas for two years. Earlier roles in Japan included his appointment as Deputy Managing Editor of Nikkei’s Editorial Bureau in 2015, and Editor in Chief of the Nikkei Business Daily in 2013. Prior to that he worked as Chief Correspondent from 2001. Mr Shinohara joined Nikkei in 1987 and covered business and capital markets news in Tokyo and Osaka. He holds a BA in Education from Kyoto University.
John Vail is Chief Global Strategist at Nikko Asset Management. He first worked in Japan in 1988 and has continued to cover the market and economy either as a fund manager, analyst, Japan equity strategist or global investment strategist/asset allocator since then. He has worked with Nikko AM since 2006, mostly in Tokyo but currently resides in New York and heads the global investment committee, performs global strategy research and manages the global research collaboration process.
Agenda - 25th Jun
8:00amNetworking and Breakfast Buffet
Robin Wigglesworth, US Markets Editor, Financial Times
Yoichi Shinohara, President, Nikkei America, Inc.
9:00amKeynote Address: Japan in the Reiwa Era – New Opportunities for International Investors
Paul Sheard, Senior Fellow of the Mossavar-Rahmani Centre for Business and Government, Harvard Kennedy School
9:25amPanel: Capturing the Opportunity of Japanese Equities – Access, Timing and Liquidity
Japanese equities are under-owned by overseas investors yet corporate earnings growth remains solid year on year with many innovative, world leading companies represented in the Nikkei 225 Index. What is the outlook for this market in the coming year and to what extent are investors open to this opportunity? Is now the right time to gain exposure and do ETFs provide the best route to the market?
Richard Co, Executive Director, Equity Products, CME Group
Jesper Koll, Senior Advisor, WisdomTree Investments Inc.
Ayano Tsunoda, Vice President, Asia Equity Sales, Deutsche Bank
John Vail, Chief Global Strategist, Nikko Asset Management
Moderator: Robin Wigglesworth, US Markets Editor, Financial Times
Robin Wigglesworth, US Markets Editor, Financial Times
Robin Wigglesworth is US Markets Editor for the Financial Times, based in New York. He covers stocks, bonds, commodities, foreign exchange, derivatives, wealth management, stock exchanges and fund management. He was formerly Capital Markets Correspondent, covering all aspects of the financial markets, but is particularly focused on trends in corporate debt, IPOs, equity markets, restructurings, and emerging markets. Prior to this role, he was the Financial Times’ Gulf Correspondent for three years. Before joining the FT in 2008, Mr Wigglesworth covered the Nordic economies, politics, bond and currencies for Bloomberg News. He has an MA in History of International Relations from the London School of Economics, a BA in Journalism and Contemporary History from City University, and studied Economics at the Oslo School of Management.
The briefing is aimed at senior-level executives working as ETF issuers, investors or advisors who hold the following job titles:
- Heads of ETFs
- Heads of Investment Strategy
- Heads of Products / Product Development
- Heads of Research
- Heads of Distribution
- Heads of Equity ETFs
- Heads of ETF sales
- Heads of International ETFs
155 W 51st St
New York 10019
United States of America
PRESENTED BY (1)
The Financial Times is one of the world’s leading business news organisations, recognised internationally for its authority, integrity and accuracy. The FT has a record paying readership of one million, three-quarters of which are digital subscriptions. It is part of Nikkei Inc., which provides a broad range of information, news and services for the global business community.
IN PARTNERSHIP WITH (1)
Nikkei is a trusted media brand in Asia, known for its quality journalism and capability in providing business news and information. Founded as a market news media in Japan in 1876, Nikkei has grown to be one of the largest media conglomerates with 37 foreign editorial bureaus and approximately 1500 journalists worldwide, with another global media brand, the Financial Times, joining in our group in 2015. Nikkei are continually deploying new technology to find new ways to deliver news as a reliable source of information for the global community.