Invitation: Project Bridge Lunch Presentation, November 12, 2025
Outlook and Opportunities for the Japanese Market
September 30, 2025
NOMURA ASSET MANAGEMENT
Invitation: Project Bridge Lunch Presentation
`Outlook and Opportunities for the Japanese Market´
Wednesday – November 12, 2025 / Welcome at 11:30am / Presentation at noon / Finish at 2:00 pm
Location: Nomura Asset Management U.S.A. Inc. – 309 West 49th Street, New York, NY 10019
We are delighted to invite you to our latest Japan seminar at which our senior investment professionals will share their latest views for the remainder of 2025 and looking ahead to 2026.
Yuichi Murao, Chief Investment Officer, will discuss the overall Japanese economic and market outlook, whilst Atsushi Matsumoto, Senior Economist, will focus on the latest developments from the policies implemented or expected of the new political regimes in the US and Japan and their potential mid to long term impact.
Please see the agenda below for further details.
Please RSVP by November 5 to closed-endfunds@nomura-asset.com Please RSVP “lunch” if you will attend lunch and presentation, or “presentation” if you will join for the presentation portion only. Please indicate “Luncheon November 12” in the subject line.
We look forward to you joining. Don’t forget to add to your calendar!
Agenda
- Japanese Market Outlook for the Second Half of 2025 and into 2026
Yuichi Murao, CFA, Senior Corporate Managing Director and Chief Investment Officer
Mr. Murao will share his perspectives on the impact of Trump administration policies on Japan’s economy and the Bank of Japan’s monetary policy. Additionally, he will discuss how the new administration is responding and its approach moving forward. His analysis will include an analysis of key issues such as economic channels through which Trump administration’s policies affect the Japanese economy, inflation regime, the direction and outcomes of Japan-US trade negotiations, and the implications of the Japan’s Upper House election.
- Japanese Equity Outlook
Atsushi Katayama, Senior Investment Officer – Head of the Japan Small Cap Team
Mr. Katayama will introduce his view on the Japanese equity market outlook and the potential for corporate Japan to address the existing and upcoming challenges by the new administration in the US and Japan. Key factors for Japan are the outcome/direction of the trade negotiations with the US, the extent to which the new administration will be able to push through wage increases, as well as corporate Japan’s ability to cope with the potential changes in the environment that have and are expected to unfold this year and beyond.
- Nomura Asset Management Flagship Strategies
Andrew McCagg, Senior Client Portfolio Manager
Mr. McCagg will examine how our flagship strategies have positioned themselves against the backdrop provided by our main speakers and share insights on the outlook from our Japan equity teams.
Speakers

Senior Corporate Managing Director and Chief Investment Officer, Nomura Asset Management Co., Ltd.
Yuichi Murao is the Senior Corporate Managing Director and Chief Investment Officer at NAM. Previously, he served in a dual role as Head of Investment, Japan Equity and Chairman of the Japanese Equity Investment Strategy Committee. Yuichi Murao joined NAM in 1990 and has held various portfolio management positions.
He graduated with a B.A. in Economics from Hitotsubashi University, holds an MBA from London Business School, and is a CFA Charter holder.

Senior Investment Officer, Nomura Asset Management Co., Ltd.
Atsushi Katayama is Senior Investment Officer of the Active Japanese Equity Group and Head of the Japan Small Cap team in Nomura Asset Management Co., Ltd. He is currently the lead Portfolio Manager of the Japan Smaller Capitalization Fund, Inc. effective April 1, 2023. Mr. Katayama joined NAM in 2006 and has held various portfolio management positions.
He holds an MS from Kyoto University and holds an MBA from the University of Chicago.

Senior Client Portfolio Manager, Nomura Asset Management U.K. Ltd.
Andrew McCagg is Senior Client Portfolio Manager for Japanese equities at Nomura Asset Management UK. Ltd. in London. He joined Nomura Asset Management Co Ltd in Tokyo in 2008 after graduating from International Christian University with a Bachelor's degree in Linguistics.
He initially worked as an assistant portfolio manager in the Advisory Fund Management department and moved to the Japanese equities team in 2011. He was a member of the Japan Value team for 8 years.