Weekly Global Equities Strategy Update

Foreign investors are still tremendously underweight in Japanese equities, both
on a trade weighted and an overall GDP-weighted basis, and we think there is
room for significant further upward momentum in the short-medium term. We
continue advising to use those for long-term asset allocation build-ups to
overweight Japanese equities on a relative basis, as we do see more value in
Japanese equities still at current valuations than in the US.

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