KKR and Daiwa Securities’ chiefs discuss their vision of a future in which Japan becomes one of the world’s leading growth markets. They said the key factors would be overcoming deflation, corporate reform and the use of long-term capital, and expressed the view that the shift from savings to investment is accelerating.
As global investors, KKR Co-CEO Joseph Bae (ジョセフ・ベイ) and Daiwa Securities Group President and CEO Ogino Akihiko (荻野明彦) said Japan’s market should be viewed from a long-term perspective, noting that the country is transitioning from deflation to a world with interest rates. They also shared the view that progress in corporate reform and improvements in corporate governance are creating a new phase of growth for the Japanese economy.
Ogino Akihiko (荻野明彦) said that a virtuous cycle between wages and prices is emerging and that households are becoming more conscious of using their financial assets. He explained that policy support, including the new NISA, is accelerating the shift from savings to investment. He also said that the use of technology, including AI, and investment in human capital are improving productivity, while dialogue with capital markets is playing an increasingly important role in supporting higher corporate value.
Joseph Bae (ジョセフ・ベイ) emphasized the importance of private markets as a potential complement to public markets. After pointing to the decline in the number of companies listed on the Tokyo Stock Exchange, he said that collaboration among long-term capital, management and employees would be central to sustainable growth. Based on these factors, he presented a vision of Japan becoming one of the world’s leading growth markets over the next 10 years, with reform, innovation and long-term capital creating a virtuous cycle.
Ogino Akihiko (荻野明彦) emphasized that Japan should further accelerate the shift from savings to investment and encourage individual investors to pursue long-term, diversified investment. Daiwa Securities and KKR expressed their intention to use their respective strengths to support Japan’s growth and higher corporate value, and to build the future together with investors.