Capitalising on change: Japan’s growth champions

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Recorded29 Aug 2024

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Upheaval can create opportunity. Baillie Gifford’s Japan Team seeks out companies that will derive the greatest long-term benefit from transformational forces impacting business and broader society. In this podcast, investment manager Matthew Brett identifies four ‘structural growth’ drivers and the portfolio companies taking advantage of them. Background:Matthew Brett is the investment manager of The Baillie Gifford Japan Trust and our Japanese Fund, as well as co-manager of the Japanese Income Growth Fund. In this episode of Short Briefings on Long Term Thinking he discusses four forces creating long-term growth opportunities: - Japan’s late embrace of digitalisation- the rising spending power of its Asian neighbours- the accelerated adoption of industrial automation- the unmet health needs of an ageing populationBrett also names some of the Japanese companies driving these changes or otherwise gaining advantage, including ecommerce conglomerate Rakuten, skincare beauty firm Shiseido, machine vision specialist Keyence and Alzheimer’s drug developer Eisai. Resources:Japan: the next opportunityKohei Saito: Slow Down – How Degrowth Communism Can Save The Earth Companies mentioned include:CalbeeDMG MoriEisaiKeyenceKOSÉPeptiDreamRakutenShiseidoSoftBank Timecodes:00:00 Introduction1:45 From psychology to investment2:25 Changing Japan3:15 Japan’s distinguishing market characteristics4:15 Visiting companies and other equities research6:00 Performance versus the TOPIX8:00 Defining digitalisation8:30 Leaving paper behind10:15 Rakuten’s online enterprise10:50 The advantage of QR barcode payments11:30 Rakuten’s loyalty points scheme12:25 Accelerating automation and industrial robots13:30 DMG Mori’s precision machines14:40 Keyence and robotic vision16:40 China’s chance of catch-up17:40 Rising wealth of Japan’s Asian neighbours19:00 Shiseido’s skincare advantage20:10 Unmet healthcare needs of an ageing population21:30 Testing further uses for Eisai’s Alzheimer’s drug 23:30 PeptiDream’s synthetic peptides24:00 Using AI to put peptides to use25:10 Calbee’s continued innovation26:00 Book choice28:50 Conclusion

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