Darius McDermott: What is the investment case for Japan?

It has been an eventful six years since Japanese prime minister Shinzo Abe came to power and launched his extraordinary stimulus programme, now known as ‘Abenomics'. During this period, the prime minister has made progress with his three ‘arrows', which aim to break Japan's 20-year deflationary cycle and comprise quantitative easing, fiscal stimulus and structural reforms. So far, the net result has been positive for Japan, following decades of stagnation and false dawns. From Abe coming to power on 16 December 2012 to 5 December 2018, the Topix has risen 116.2% in sterling terms, accord...