“A change in Japanese political leadership has sparked some financial market volatility, but Franklin Mutual Series continues to see value investment opportunities as inflation returns and companies embrace change. After outperforming in the first half of 2024, Japanese stocks have had a few volatile months. First, growing worries in July about a global economic slowdown pressured Japanese stocks. A “shock” market event followed in which the “yen carry trade”— when one borrows in yen at low interest rates to fund investments in a higher interest rate currency—abruptly unwound, sending Japanese stocks cratering overnight. Stocks rebounded quickly only to see another round of uncertainty creep in as a change in Japan’s political leadership led to questions about the country’s fiscal and monetary policy.”
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Morten W. Langer
