Letter from Tokyo
Japanese stocks have benefited from strong economic growth in recent months. With robust growth around the world, Japan’s net exports have increased, most notably of semiconductor production equipment (SPE). To find out why the demand for SPE is growing so strongly – and thereby increasing Japanese exports – we look at the multiple drivers of growth in semiconductor usage such as increasingly sophisticated smartphones and the internet of things. And we consider whether Japanese companies stand to benefit from a structural change gathering momentum.