{"id":987,"date":"2025-11-15T18:25:04","date_gmt":"2025-11-15T09:25:04","guid":{"rendered":"https:\/\/nipponwealth.sg\/?page_id=987"},"modified":"2026-09-05T12:38:34","modified_gmt":"2026-09-05T03:38:34","slug":"market_view","status":"publish","type":"page","link":"https:\/\/nipponwealth.sg\/en\/market_view","title":{"rendered":"MARKET VIEW (EN)"},"content":{"rendered":"<p><!-- MVB CSS START --><\/p>\n<style id=\"mvb-market-view-css\">.market-view {\n  margin: 70px;\n  padding: 80px;\n  font-size: 1.7em;\n}\n.circle-list {\n  list-style-type: circle; \/* Empty circle *\/\n  padding: 10px 0 10px 0;\n}\n.square-list {\n  list-style-type: square; \/* Filled square *\/\n}\n.no-bullets {\n  list-style-type: none; \/* No bullet points *\/\n}\n.market-il {\n  padding: 10px 0 10px 0;\n  overflow-wrap: break-word;\n}\n.marketv-sec {\n  margin: 25px 0 30px 0;\n  padding: 10px 10px 10px 28px;\n  background-color: #EEEDFA;\n}\n.market-il a {\n  color: #0000FF; \/* Sets the text color to blue *\/\n  text-decoration: underline; \/* Ensures the underline is present *\/\n  text-decoration-color: #0000FF; \/* Sets the underline color to blue *\/\n}\n.marketv-title {\n  color: #00297B;\n  font-size: 1.2em;\n  margin: 0 0 0 -20px;\n}\n#main {\n  padding: 100px 0 0 0 !important;\n  margin: 100px 0 0 0 !important;\n}\n@media screen and (max-width: 896px) {\n  .market-view {\n    margin: 70px -10px 30px -10px;\n    font-size: 1.7em;\n    text-align: left;\n  }\n}\n@media screen and (max-width: 480px) {\n  .market-view {\n    margin: 70px -55px 30px -55px;\n    font-size: 1.7em;\n  }\n}\n.mvb-header-img {\n  width: 250px;\n  max-width: 100%;\n  height: auto;\n}\n.mvb-ref-marker-disc {\n  list-style-type: disc;\n  \/* G06R: padding-left widened the gap between the bullet and the text.\n     margin-left shifts the whole <\/p>\n<li> box one step right instead, leaving the\n     marker-to-text gap at its normal list default. 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Indent amount is a provisional\n     value pending Human Smoke visual confirmation. *\/\n  display: inline-block;\n  margin-left: 20px;<\/p>\n<p>  \/* G06R2: without an explicit width, a single unbroken long URL run (e.g.\n     the final path segment after the last \"\/\") makes the shrink-to-fit\n     inline-block box use that run's min-content width, which can exceed a\n     narrow mobile viewport and overflow right. max-width caps the box to\n     the available width (minus the 20px indent), and overflow-wrap: anywhere\n     lets that width actually be honored by allowing a break at any\n     character when no other break point exists (also shrinks min-content\n     itself, unlike overflow-wrap: break-word), fixing mobile overflow\n     without affecting normal word-wrapped text. *\/\n  max-width: calc(100% - 20px);\n  overflow-wrap: anywhere;\n}<\/p>\n<\/style>\n<p><!-- MVB CSS END --><\/p>\n<p><!-- MVB MONTH START: 2026-09 EN --><\/p>\n<div class=\"comBgBox mvb-month-spacer\" style=\"margin: -150px 0 -120px 0;\"><\/div>\n<div class=\"market-view mvb-monthly-block\" data-mvb-id=\"2026-09-en\">\n<div class=\"mvb-month-header\"><img src=\"https:\/\/nipponwealth.sg\/wp-content\/uploads\/2026\/02\/market_view_logo.jpeg\" alt=\"market_view_logo\" width=\"250\" class=\"mvb-header-img\" loading=\"lazy\" decoding=\"async\" \/><\/p>\n<h1 class=\"mvb-title\">September 2026 Market View<\/h1>\n<\/div>\n<div class=\"marketv-sec mvb-section\" data-mvb-mode=\"body_list\">\n<h2 class=\"marketv-title mvb-section-heading\">\u2460 Macro Economic Summary<\/h2>\n<ul class=\"circle-list mvb-item-list\">\n<li class=\"market-il mvb-item\">The global economy remains resilient despite elevated energy prices and geopolitical risks, while AI-related investment continues to support growth. Recession risks over the next 3\u201312 months remain relatively contained, although divergence between countries and regions is likely to widen.<\/li>\n<li class=\"market-il mvb-item\">Global disinflation has stalled, with energy costs, supply constraints, and tariffs maintaining upward pressure on prices. The environment does not favor rapid and substantial rate cuts by major central banks, and interest rates may remain elevated for longer than previously expected.<\/li>\n<li class=\"market-il mvb-item\">In the U.S., capital spending, corporate earnings, and employment are stronger than expected, while inflation remains well above target. Following Jackson Hole, a further Fed rate hike, rather than simply an extended pause, has become a credible policy scenario.<\/li>\n<li class=\"market-il mvb-item\">The G20 highlighted global imbalances, government debt, and fiscal sustainability alongside its emphasis on stronger growth. High public debt and heavy demand for capital could keep long-term interest rates elevated even if economic growth gradually slows.<\/li>\n<li class=\"market-il mvb-item\">Japan\u2019s economy is supported by wages, capital investment, and improved corporate pricing power as the economy moves further away from deflation. However, yen weakness and imported inflation have strengthened expectations for further BoJ tightening, likely keeping interest-rate and currency volatility elevated.<\/li>\n<\/ul><\/div>\n<div class=\"marketv-sec mvb-section\" data-mvb-mode=\"body_list\">\n<h2 class=\"marketv-title mvb-section-heading\">\u2461 Key Investment Strategy Points<\/h2>\n<ul class=\"circle-list mvb-item-list\">\n<li class=\"market-il mvb-item\">Portfolios should not depend on rate cuts, but should be positioned to withstand several paths, including unchanged rates, renewed tightening, and gradually slower growth. Excessive dependence on any single monetary-policy scenario should be avoided.<\/li>\n<li class=\"market-il mvb-item\">Long-term yields are increasingly being driven not only by policy rates but also by government debt, bond supply, and fiscal policy. Investors should take advantage of attractive bond yields while avoiding excessive exposure to volatile long-duration securities.<\/li>\n<li class=\"market-il mvb-item\">With market performance still concentrated in U.S. mega-cap and AI-related stocks, investors should broaden sources of return across regions and sectors. Japan, Europe, financials, and industrials can help reduce concentration risk while retaining growth exposure.<\/li>\n<li class=\"market-il mvb-item\">AI remains a structural driver of growth and productivity, but massive investment will not automatically translate into attractive returns. Investors should focus on companies where AI-related spending is visibly translating into earnings, cash flow, and durable competitive advantages.<\/li>\n<li class=\"market-il mvb-item\">Currency positioning should avoid one-way assumptions. Diverging U.S.\u2013Japan monetary policies, official intervention, and G20 exchange-rate coordination suggest that foreign-currency exposure should be managed dynamically, with hedging adjusted gradually as exchange rates move.<\/li>\n<li class=\"market-il mvb-item\">Investors should retain sufficient liquidity and multiple forms of portfolio protection against geopolitical, inflation, and fiscal risks. Portfolio construction should prioritize liquidity, currency diversification, and after-tax returns over short-term market timing.<\/li>\n<\/ul><\/div>\n<div class=\"marketv-sec mvb-section\" data-mvb-mode=\"heading_body_list\">\n<h2 class=\"marketv-title mvb-section-heading\">\u2462 Asset-Class Outlook<\/h2>\n<ul class=\"circle-list mvb-item-list\">\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">U.S. Equities<\/h3>\n<p>AI investment and strong corporate earnings should leave moderate upside over the next 3\u201312 months. However, renewed Fed tightening and higher long-term yields could pressure elevated valuations, favoring companies\u2014including within AI\u2014that can translate investment into durable earnings and cash flow.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Japan Equities<\/h3>\n<p>Wage growth, capital investment, governance reform, and AI and semiconductor spending remain supportive, warranting a constructive medium-term view. However, valuations are less compelling after the market\u2019s rise, while further BoJ tightening or a sharp yen appreciation could weigh on exporters\u2019 earnings.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Investment-Grade Bonds<\/h3>\n<p>Attractive yields continue to offer a compelling source of stable income. However, inflation, fiscal deficits, and heavy government bond issuance could push long-term yields still higher, favoring high-quality issuers and short-to-intermediate maturities over excessive duration exposure.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Infrastructure and Real Assets<\/h3>\n<p>AI adoption requires substantial investment not only in data centers but also in electricity generation, grids, cooling systems, and semiconductor infrastructure, creating a durable growth theme. In a high-rate environment, preference should be given to assets with low leverage and stable contracted revenues.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">USD\/JPY<\/h3>\n<p>A hawkish Fed and elevated U.S. rates should support the dollar in the near term, while further BoJ tightening, official concern over yen weakness, and intervention risk should constrain the dollar\u2019s upside. Investors should avoid assuming persistent one-way yen depreciation and consider gradually increasing hedges during periods of yen weakness.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Gold<\/h3>\n<p>Higher yields and a stronger dollar can create near-term headwinds, but geopolitical risks, fiscal concerns, reserve diversification, and continued central-bank purchases provide structural support. Rather than chasing elevated prices, investors may retain a strategic allocation as protection against risks distinct from equities and bonds.<\/li>\n<\/ul><\/div>\n<div class=\"marketv-sec mvb-section mvb-section-references\">\n<h2 class=\"marketv-title mvb-section-heading\">Key References<\/h2>\n<ul class=\"circle-list mvb-references-list\">\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/speech\/warsh20260828a.htm\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Federal Reserve \u2014 Jackson Hole Keynote Remarks, 28 Aug 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/beigebook202608-summary.htm\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Federal Reserve \u2014 Beige Book, August 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/sb0620\/\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">G20 \u2014 Chair\u2019s Statement, Asheville, 1 Sep 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.imf.org\/en\/news\/articles\/2026\/09\/01\/pr26284-imf-md-statement-conclusion-g20-finance-ministers-central-bank-governors-meeting\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">IMF \u2014 Statement at Conclusion of G20 Meeting, 1 Sep 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.boj.or.jp\/en\/mopo\/outlook\/gor2607b.pdf\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Bank of Japan \u2014 Outlook for Economic Activity and Prices, Jul 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.ecb.europa.eu\/press\/pr\/date\/2026\/html\/ecb.mp260723~29f24d99bc.en.html\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">ECB \u2014 Monetary Policy Decisions, 23 Jul 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.ubs.com\/global\/en\/wealthmanagement\/chief-investment-office\/articles-adp\/global\/en\/wealthmanagement\/insights\/chief-investment-office\/house-view\/2026\/weekly-key-messages.html?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">UBS CIO \u2014 Weekly Global, 31 Aug 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/am.jpmorgan.com\/sg\/en\/asset-management\/institutional\/insights\/market-insights\/market-updates\/on-the-minds-of-investors\/japan-reflation-meets-normalization-yen-yields-and-the-equity-appeal\/\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">J.P. Morgan Asset Management \u2014 Japan Reflation Meets Normalization, 25 Aug 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.blackrock.com\/hk\/en\/global-weekly-commentary\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">BlackRock Investment Institute \u2014 Weekly market commentary, 10 Aug 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.gold.org\/goldhub\/research\/gold-demand-trends\/gold-demand-trends-q2-2026\/outlook\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">World Gold Council \u2014 Gold Demand Trends Q2 2026, 30 July 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.gold.org\/goldhub\/research\/central-bank-gold-reserves-survey-2026\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">World Gold Council \u2014 Central Bank Gold Reserves Survey 2026, 16 Jun 2026<\/a><\/li>\n<\/ul><\/div>\n<div class=\"mvb-disclaimer-section\">\n    This material (the \u201cMaterial\u201d) is provided for general information purposes only and does not constitute, and should not be construed as, an offer, solicitation, recommendation, or invitation to buy or sell any securities, financial instruments, or investment products, or to enter into any transaction or adopt any investment strategy. Any views, forecasts, analyses or other information contained herein are as of the date of preparation and are subject to change without notice.<br \/>\nThe Material is prepared from sources believed to be reliable (including, without limitation, publications by central banks, government agencies and major financial institutions, as well as reputable news and data providers such as Reuters, Bloomberg and Morningstar). However, no representation or warranty is made as to its accuracy, completeness or timeliness, and the Company accepts no liability for any loss arising from any use of, or reliance on, the Material.<br \/>\nThis Material and the information in this material is not intended, by itself, to constitute independent, impartial or objective research or a recommendation from the Company and should not be treated as such. Unless otherwise indicated, any reference to a research report or recommendation is not intended to represent the whole report and is not in itself considered a research report or recommendation.<br \/>\nInvestments involve risks, including (but not limited to) market risk, interest rate risk, credit risk, liquidity risk and foreign exchange risk, and you may lose some or all of your invested capital. Past performance is not indicative of future results. You should make investment decisions based on your own objectives, financial situation, knowledge and experience, and risk tolerance, and you are solely responsible for such decisions. Where appropriate, you should seek independent professional advice (including financial, tax, legal and accounting advice).<br \/>\nNo part of this Material may be reproduced, distributed, published, transmitted, translated or otherwise used without the Company\u2019s prior written consent.<\/p><\/div>\n<\/div>\n<p><!-- MVB MONTH END: 2026-09 EN --><\/p>\n<hr>\n<p><!-- MVB MONTH START: 2026-08 EN --><\/p>\n<div class=\"comBgBox mvb-month-spacer\" style=\"margin: -150px 0 -120px 0;\"><\/div>\n<div class=\"market-view mvb-monthly-block\" data-mvb-id=\"2026-08-en\">\n<div class=\"mvb-month-header\"><img src=\"https:\/\/nipponwealth.sg\/wp-content\/uploads\/2026\/02\/market_view_logo.jpeg\" alt=\"market_view_logo\" width=\"250\" class=\"mvb-header-img\" loading=\"lazy\" decoding=\"async\" \/><\/p>\n<h1 class=\"mvb-title\">August 2026 Market View<\/h1>\n<\/div>\n<div class=\"marketv-sec mvb-section\" data-mvb-mode=\"body_list\">\n<h2 class=\"marketv-title mvb-section-heading\">\u2460 Macro Economic Summary<\/h2>\n<ul class=\"circle-list mvb-item-list\">\n<li class=\"market-il mvb-item\">The global economy is slowing, but AI-related investment and resilient demand should keep recession risks relatively contained over the next 3\u201312 months.<\/li>\n<li class=\"market-il mvb-item\">Global disinflation has stalled, and persistent energy costs and supply constraints could keep monetary policy restrictive for longer.<\/li>\n<li class=\"market-il mvb-item\">The Federal Reserve has kept policy rates unchanged, but persistent inflation leaves a risk that its next move could be a rate hike rather than a cut.<\/li>\n<li class=\"market-il mvb-item\">AI investment supports growth, but shortages of power, semiconductors, talent, and capital may prolong inflation and widen differences between companies.<\/li>\n<li class=\"market-il mvb-item\">Japan\u2019s economy is supported by wages and capital investment, while yen weakness, imported inflation, and monetary normalization remain potential headwinds.<\/li>\n<\/ul><\/div>\n<div class=\"marketv-sec mvb-section\" data-mvb-mode=\"body_list\">\n<h2 class=\"marketv-title mvb-section-heading\">\u2461 Key Investment Strategy Points<\/h2>\n<ul class=\"circle-list mvb-item-list\">\n<li class=\"market-il mvb-item\">Portfolios should not depend on rate cuts, but should withstand several paths, including unchanged U.S. rates, renewed tightening, and slower economic growth.<\/li>\n<li class=\"market-il mvb-item\">As equities and long-duration bonds may both decline when inflation rises, investors should combine cash, short-term bonds, gold, and other defensive assets.<\/li>\n<li class=\"market-il mvb-item\">Coordinated U.S.\u2013Japan intervention has made one-way yen selling more risky, but a lasting currency reversal will also require supportive monetary policy.<\/li>\n<li class=\"market-il mvb-item\">With market gains concentrated in large-cap and AI-related stocks, investors should diversify across regions, sectors, and sources of return.<\/li>\n<li class=\"market-il mvb-item\">Investors should assess earnings, cash flow, leverage, and capital efficiency rather than relying solely on the appeal of an investment theme.<\/li>\n<li class=\"market-il mvb-item\">Portfolio construction should prioritize liquidity, currency diversification, and after-tax returns over short-term market timing.<\/li>\n<\/ul><\/div>\n<div class=\"marketv-sec mvb-section\" data-mvb-mode=\"heading_body_list\">\n<h2 class=\"marketv-title mvb-section-heading\">\u2462 Asset-Class Outlook<\/h2>\n<ul class=\"circle-list mvb-item-list\">\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">U.S. Equities:<\/h3>\n<p>AI investment and earnings growth remain supportive, leaving further upside over the next 3\u201312 months. However, renewed expectations of Fed tightening could pressure valuations, favoring companies that can reliably convert capital spending into sustainable earnings and cash flow.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Japan Equities:<\/h3>\n<p>Wage growth, capital investment, governance reform, and shareholder returns remain positive medium-term drivers. A stronger yen following coordinated intervention may benefit importers and domestic businesses but weigh on exporters, making sensitivity to currency movements an increasingly important selection factor.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Investment-Grade Bonds:<\/h3>\n<p>Current yields remain attractive for income, but renewed Fed tightening and heavy government bond issuance could push long-term yields higher. Investors should avoid excessive duration and emphasize high-quality issuers and short-to-intermediate maturities.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Gold:<\/h3>\n<p>Gold remains volatile at elevated levels, but continues to provide protection against renewed inflation, fiscal concerns, geopolitical risks, and uncertainty over currency values. Rather than chasing price gains, investors may retain a strategic allocation as a hedge distinct from equities and bonds.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">USD\/JPY:<\/h3>\n<p>Coordinated U.S.\u2013Japan intervention has materially increased the risks of assuming continued one-way yen depreciation. However, renewed Fed tightening or prolonged high U.S. rates would support the dollar, and intervention alone may not produce sustained yen appreciation. Gradual hedging during periods of yen weakness remains prudent.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">European and Asian Equities:<\/h3>\n<p>Earnings growth may broaden beyond the United States, offering regional diversification. Europe remains exposed to energy prices and slower growth, while Asian markets are sensitive to China and the semiconductor cycle, favoring selective country and sector exposure.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Infrastructure and Real Assets<\/h3>\n<p>Power generation, electricity grids, data centers, and resource-related assets should benefit from expanding AI investment. However, prolonged high interest rates could pressure leverage and valuations, making contracted revenues, inflation linkage, and balance-sheet strength important selection criteria.<\/li>\n<\/ul><\/div>\n<div class=\"marketv-sec mvb-section mvb-section-references\">\n<h2 class=\"marketv-title mvb-section-heading\">Key References<\/h2>\n<ul class=\"circle-list mvb-references-list\">\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.imf.org\/en\/publications\/weo\/issues\/2026\/07\/08\/world-economic-outlook-update-july-2026\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">IMF \u2014 World Economic Outlook Update, July 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/monetary20260729a.htm?\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Federal Reserve &#8211; Federal Reserve issues FOMC statement, 29 Jul 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/2026-07-mpr-summary.htm?\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Federal Reserve &#8211; Monetary Policy Report, Jul 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.boj.or.jp\/en\/mopo\/outlook\/gor2607a.pdf\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Bank of Japan \u2014 Outlook for Economic Activity and Prices, July 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/advisors.ubs.com\/mediahandler\/media\/823469\/UBS House View for August 2026.pdf\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">UBS \u2014 House View, August 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.jpmorgan.com\/insights\/markets-and-economy\/outlook\/predictions-and-forecasts\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">J.P. Morgan \u2014 2026 Mid-Year Outlooks and Forecasts, 8 Jul 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.blackrock.com\/corporate\/insights\/blackrock-investment-institute\/outlook\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">BlackRock \u2014 2026 Midyear Global Outlook<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.invesco.com\/apac\/en\/institutional\/insights\/equity\/japan-equities-outlook.html\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Invesco \u2014 2026 Midyear Investment Outlook &#8211; Japan Equities, 2 Jun 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.lseg.com\/en\/ftse-russell\/market-insights\/fixed-income\/global\/july-2026\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">LSEG FTSE Russell \u2014 Fixed Income Insights, July 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.gold.org\/goldhub\/research\/central-bank-gold-reserves-survey-2026\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">World Gold Council \u2014 Central Bank Gold Reserves Survey 2026, 16 Jun 2026<\/a><\/li>\n<\/ul><\/div>\n<div class=\"mvb-disclaimer-section\">\n    This material (the \u201cMaterial\u201d) is provided for general information purposes only and does not constitute, and should not be construed as, an offer, solicitation, recommendation, or invitation to buy or sell any securities, financial instruments, or investment products, or to enter into any transaction or adopt any investment strategy. Any views, forecasts, analyses or other information contained herein are as of the date of preparation and are subject to change without notice.<br \/>\nThe Material is prepared from sources believed to be reliable (including, without limitation, publications by central banks, government agencies and major financial institutions, as well as reputable news and data providers such as Reuters, Bloomberg and Morningstar). However, no representation or warranty is made as to its accuracy, completeness or timeliness, and the Company accepts no liability for any loss arising from any use of, or reliance on, the Material.<br \/>\nThis Material and the information in this material is not intended, by itself, to constitute independent, impartial or objective research or a recommendation from the Company and should not be treated as such. Unless otherwise indicated, any reference to a research report or recommendation is not intended to represent the whole report and is not in itself considered a research report or recommendation.<br \/>\nInvestments involve risks, including (but not limited to) market risk, interest rate risk, credit risk, liquidity risk and foreign exchange risk, and you may lose some or all of your invested capital. Past performance is not indicative of future results. You should make investment decisions based on your own objectives, financial situation, knowledge and experience, and risk tolerance, and you are solely responsible for such decisions. Where appropriate, you should seek independent professional advice (including financial, tax, legal and accounting advice).<br \/>\nNo part of this Material may be reproduced, distributed, published, transmitted, translated or otherwise used without the Company\u2019s prior written consent.<\/p><\/div>\n<\/div>\n<p><!-- MVB MONTH END: 2026-08 EN --><\/p>\n<hr>\n<p><!-- MVB MONTH START: 2026-07 EN --><\/p>\n<div class=\"comBgBox mvb-month-spacer\" style=\"margin: -150px 0 -120px 0;\"><\/div>\n<div class=\"market-view mvb-monthly-block\" data-mvb-id=\"2026-07-en\">\n<div class=\"mvb-month-header\"><img src=\"https:\/\/nipponwealth.sg\/wp-content\/uploads\/2026\/02\/market_view_logo.jpeg\" alt=\"market_view_logo\" width=\"250\" class=\"mvb-header-img\" loading=\"lazy\" decoding=\"async\" \/><\/p>\n<h1 class=\"mvb-title\">July 2026 Market View<\/h1>\n<\/div>\n<div class=\"marketv-sec mvb-section\" data-mvb-mode=\"body_list\">\n<h2 class=\"marketv-title mvb-section-heading\">\u2460 Macro Economic Summary<\/h2>\n<ul class=\"circle-list mvb-item-list\">\n<li class=\"market-il mvb-item\">The global economy is slowing but remains resilient, supported by AI investment, consumption, and business confidence.<\/li>\n<li class=\"market-il mvb-item\">Inflation is easing, but fiscal deficits, energy costs, and supply constraints may keep long-term yields elevated.<\/li>\n<li class=\"market-il mvb-item\">AI investment remains a key growth driver, but power, semiconductors, and capital costs are increasingly separating winners from others.<\/li>\n<li class=\"market-il mvb-item\">U.S. markets remain firm, but concentration in AI-related stocks and elevated valuations increase correction risk.<\/li>\n<li class=\"market-il mvb-item\">In Japan, wage growth, corporate reform, and yen weakness support equities, while currency volatility and imported inflation remain risks.<\/li>\n<\/ul><\/div>\n<div class=\"marketv-sec mvb-section\" data-mvb-mode=\"body_list\">\n<h2 class=\"marketv-title mvb-section-heading\">\u2461 Key Investment Strategy Points<\/h2>\n<ul class=\"circle-list mvb-item-list\">\n<li class=\"market-il mvb-item\">Markets are now driven not only by rate-cut expectations, but also by AI investment, fiscal policy, and supply constraints.<\/li>\n<li class=\"market-il mvb-item\">The key question is less whether growth continues, and more which companies can secure capital, power, technology, and talent.<\/li>\n<li class=\"market-il mvb-item\">Traditional equity-bond diversification may be insufficient; gold, infrastructure, and short-to-intermediate bonds can add resilience.<\/li>\n<li class=\"market-il mvb-item\">Long-term yields are increasingly sensitive to fiscal concerns as well as central bank policy, arguing against excessive duration risk.<\/li>\n<li class=\"market-il mvb-item\">AI remains attractive, but investors should focus on earnings realization and capital efficiency rather than broad thematic exposure.<\/li>\n<li class=\"market-il mvb-item\">Portfolio construction should prioritize liquidity, currency diversification, and after-tax returns over short-term market timing.<\/li>\n<\/ul><\/div>\n<div class=\"marketv-sec mvb-section\" data-mvb-mode=\"heading_body_list\">\n<h2 class=\"marketv-title mvb-section-heading\">\u2462 Asset-Class Outlook<\/h2>\n<ul class=\"circle-list mvb-item-list\">\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">U.S. Equities:<\/h3>\n<p>U.S. Equities: AI-related capital expenditure and earnings growth remain supportive, and the S&amp;P 500 may still have upside. However, gains remain concentrated in a small group of large-cap stocks, so future returns are likely to depend more on earnings delivery and stock selection than broad market expansion.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Japan Equities:<\/h3>\n<p>Wage growth, corporate governance reform, and yen weakness remain supportive, leaving Japanese equities relatively attractive among developed markets. However, sharp yen weakness and higher energy costs could pressure households and margins, favoring domestic demand, capital efficiency, and shareholder-return themes.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Investment-Grade Bonds:<\/h3>\n<p>Current yields remain attractive as a source of stable income. However, fiscal deficits and heavier government bond issuance may keep long-term yields volatile, so a focus on high-quality issuers and short-to-intermediate maturities remains appropriate<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Gold:<\/h3>\n<p>Gold has corrected after a strong rally, but central bank demand, fiscal concerns, and geopolitical risks continue to support its role as a portfolio hedge. Rather than focusing on short-term price moves, investors may consider gold as insurance against broader financial uncertainty.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">USD\/JPY:<\/h3>\n<p>Higher U.S. yields continue to support the dollar, while Japan\u2019s policy normalization and potential resistance to excessive yen weakness may support the yen. Rather than taking a strong directional view, gradual hedging during yen weakness appears prudent.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Other Assets:<\/h3>\n<p>AI-related infrastructure, power grids, data centers, and resource-linked assets remain important medium-term themes. These assets may provide return drivers different from public equities and bonds, but liquidity and valuation transparency require careful attention.<\/li>\n<\/ul><\/div>\n<div class=\"marketv-sec mvb-section mvb-section-references\">\n<h2 class=\"marketv-title mvb-section-heading\">Key References<\/h2>\n<ul class=\"circle-list mvb-references-list\">\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.jpmorgan.com\/insights\/global-research\/outlook\/mid-year-outlook\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">JPMorgan &#8211; 2026 Mid-Year Market Outlook<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.blackrock.com\/corporate\/insights\/blackrock-investment-institute\/publications\/outlook\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">BlackRock &#8211; 2026 Midyear Investment Outlook<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.goldmansachs.com\/insights\/articles\/s-and-p-500-forecast-to-climb-as-earnings-growth-powers-stocks-higher\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Goldman Sachs &#8211; The S&amp;P 500 is Forecast to Climb as Earnings Growth Powers Stocks Higher &#8211; 28 May 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.ubs.com\/global\/en\/wealthmanagement\/insights\/chief-investment-office\/house-view\/articles\/monthly.html\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">UBS &#8211; House View monthly letter &#8211; 18 Jun 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.imfconnect.org\/content\/imf\/en\/gmm.html\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">IMF &#8211; Global Markets Monitor &#8211; 1 Jul 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.invesco.com\/us\/en\/insights\/global-investment-outlook.html\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Invesco &#8211; 2026 midyear outlook<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.morganstanley.com\/insights\/articles\/investment-outlook-midyear-2026\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Morgan Stanley &#8211; 2026 Midyear Investment Outlook<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.lionglobalinvestors.com\/en\/insights\/2026-japan-market-outlook.html\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Lion Global Investors &#8211; 2026 Japan Market Outlook<\/a><\/li>\n<\/ul><\/div>\n<div class=\"mvb-disclaimer-section\">\n    This material (the \u201cMaterial\u201d) is provided for general information purposes only and does not constitute, and should not be construed as, an offer, solicitation, recommendation, or invitation to buy or sell any securities, financial instruments, or investment products, or to enter into any transaction or adopt any investment strategy. Any views, forecasts, analyses or other information contained herein are as of the date of preparation and are subject to change without notice.<br \/>\nThe Material is prepared from sources believed to be reliable (including, without limitation, publications by central banks, government agencies and major financial institutions, as well as reputable news and data providers such as Reuters, Bloomberg and Morningstar). However, no representation or warranty is made as to its accuracy, completeness or timeliness, and the Company accepts no liability for any loss arising from any use of, or reliance on, the Material.<br \/>\nThis Material and the information in this material is not intended, by itself, to constitute independent, impartial or objective research or a recommendation from the Company and should not be treated as such. Unless otherwise indicated, any reference to a research report or recommendation is not intended to represent the whole report and is not in itself considered a research report or recommendation.<br \/>\nInvestments involve risks, including (but not limited to) market risk, interest rate risk, credit risk, liquidity risk and foreign exchange risk, and you may lose some or all of your invested capital. Past performance is not indicative of future results. You should make investment decisions based on your own objectives, financial situation, knowledge and experience, and risk tolerance, and you are solely responsible for such decisions. Where appropriate, you should seek independent professional advice (including financial, tax, legal and accounting advice).<br \/>\nNo part of this Material may be reproduced, distributed, published, transmitted, translated or otherwise used without the Company\u2019s prior written consent.<\/p><\/div>\n<\/div>\n<p><!-- MVB MONTH END: 2026-07 EN --><\/p>\n<hr>\n<p><!-- MVB MONTH START: 2026-06 EN --><\/p>\n<div class=\"comBgBox mvb-month-spacer\" style=\"margin: -150px 0 -120px 0;\"><\/div>\n<div class=\"market-view mvb-monthly-block\" data-mvb-id=\"2026-06-en\">\n<div class=\"mvb-month-header\"><img src=\"https:\/\/nipponwealth.sg\/wp-content\/uploads\/2026\/02\/market_view_logo.jpeg\" alt=\"market_view_logo\" width=\"250\" class=\"mvb-header-img\" loading=\"lazy\" decoding=\"async\" \/><\/p>\n<h1 class=\"mvb-title\">June 2026 Market View<\/h1>\n<\/div>\n<div class=\"marketv-sec mvb-section\" data-mvb-mode=\"body_list\">\n<h2 class=\"marketv-title mvb-section-heading\">\u2460 Macro Economy Summary<\/h2>\n<ul class=\"circle-list mvb-item-list\">\n<li class=\"market-il mvb-item\">The global economy continues to avoid recession, but geopolitical tensions and trade frictions are contributing to a widening divergence in growth across regions.<\/li>\n<li class=\"market-il mvb-item\">While inflation has moderated from its peak, rising energy prices and higher logistics costs have increased the risk of renewed inflationary pressure.<\/li>\n<li class=\"market-il mvb-item\">In the United States, AI-related capital expenditure has become a major growth engine, supporting both economic activity and corporate earnings.<\/li>\n<li class=\"market-il mvb-item\">Expanding fiscal deficits across major economies are making long-term interest rates increasingly sensitive to government borrowing needs and bond market dynamics rather than central bank policy alone.<\/li>\n<li class=\"market-il mvb-item\">Financial markets remain relatively resilient, but uncertainty surrounding geopolitics, fiscal sustainability, and interest rates continues to warrant caution.<\/li>\n<\/ul><\/div>\n<div class=\"marketv-sec mvb-section\" data-mvb-mode=\"body_list\">\n<h2 class=\"marketv-title mvb-section-heading\">\u2461 Key Investment Strategy Points<\/h2>\n<ul class=\"circle-list mvb-item-list\">\n<li class=\"market-il mvb-item\">Investment markets are gradually transitioning from a \u201cmonetary-policy-driven\u201d environment to one increasingly influenced by fiscal policy, government debt dynamics, and private-sector capital investment.<\/li>\n<li class=\"market-il mvb-item\">The AI investment cycle is emerging as a new driver of global growth; however, its benefits remain concentrated among selected sectors and companies rather than broadly distributed across the economy.<\/li>\n<li class=\"market-il mvb-item\">Long-term interest rates are increasingly influenced by fiscal concerns in addition to inflation and central bank actions, creating potential volatility for both equities and fixed income.<\/li>\n<li class=\"market-il mvb-item\">Geopolitical developments should no longer be viewed as short-term market events. They are becoming structural factors affecting energy markets, supply chains, defense spending, and corporate profitability.<\/li>\n<li class=\"market-il mvb-item\">Effective diversification increasingly depends on combining assets with different economic drivers rather than simply increasing the number of holdings.<\/li>\n<li class=\"market-il mvb-item\">In the current environment, maintaining exposure to long-term structural themes and high-quality assets may be more important than attempting to predict short-term market direction.<\/li>\n<\/ul><\/div>\n<div class=\"marketv-sec mvb-section\" data-mvb-mode=\"heading_body_list\">\n<h2 class=\"marketv-title mvb-section-heading\">\u2462 Asset-Class Outlook<\/h2>\n<ul class=\"circle-list mvb-item-list\">\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">US Equities:<\/h3>\n<p>AI-related investment remains the most important tailwind for the U.S. equity market, supporting earnings growth and economic resilience. However, valuations remain elevated, and future returns are likely to depend more on company-specific earnings growth and execution than on broad market expansion.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Japan Equities:<\/h3>\n<p>Wage growth and corporate governance reforms remain supportive for Japanese equities. Compared with many developed markets, Japan still offers relatively attractive earnings growth potential. Nevertheless, currency fluctuations and imported inflation remain key risks, supporting a preference for domestic-oriented businesses and companies focused on capital efficiency.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Investment-Grade Bonds:<\/h3>\n<p>Investment-grade bonds continue to offer attractive income opportunities. However, the primary risk has shifted from inflation toward the possibility of higher long-term yields driven by fiscal deficits and increased government debt issuance. Emphasis on high-quality issuers and short-to-intermediate maturities remains appropriate.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Gold:<\/h3>\n<p>Gold continues to benefit from central bank purchases, fiscal concerns, and geopolitical uncertainty. Beyond its traditional role as an inflation hedge, gold increasingly serves as portfolio insurance against broader financial and policy uncertainty.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">USD\/JPY:<\/h3>\n<p>Higher U.S. interest rates continue to support the U.S. dollar, while expectations for further policy normalization in Japan may provide support for the yen. Rather than a sustained move in either direction, a broad trading range is likely over the next 3\u201312 months, favoring gradual hedging strategies.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Other Alternatives:<\/h3>\n<p>Investment related to AI infrastructure &#8211; including data centers, power generation, electricity grids, and digital infrastructure &#8211; is likely to remain a multi-year theme. Assets with return drivers distinct from traditional public equities and bonds may continue to attract investor interest as portfolio diversifiers.<\/li>\n<\/ul><\/div>\n<div class=\"marketv-sec mvb-section mvb-section-references\">\n<h2 class=\"marketv-title mvb-section-heading\">Key References<\/h2>\n<ul class=\"circle-list mvb-references-list\">\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.weforum.org\/publications\/chief-economists-outlook-may-2026\/?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">World Economic Forum \u2013 Chief Economists\u2019 Outlook: May 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.spglobal.com\/market-intelligence\/en\/news-insights\/research\/2026\/05\/global-economic-outlook-may-2026?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">S&amp;P Global &#8211; Global Economic Outlook: May 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.blackrock.com\/us\/financial-professionals\/insights\/ai-war-and-income?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">BlackRock &#8211; Investing in 2026: AI, the Middle East, and Income<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.imf.org\/en\/publications\/weo\/issues\/2026\/04\/14\/world-economic-outlook-april-2026?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">IMF World Economic Outlook April 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/fomcprojtabl20260318.htm?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">FOMC Projections materials March 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.ecb.europa.eu\/press\/press_conference\/monetary-policy-statement\/2026\/html\/ecb.is260319~93b1cbad97.en.html?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">ECB Monetary Policy Statement March 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.boj.or.jp\/en\/mopo\/outlook\/gor2604a.pdf\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">BOJ Outlook for Economic Activity and Prices April 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.blackrock.com\/us\/financial-professionals\/literature\/market-commentary\/fixed-income-market-outlook.pdf\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">BlackRock Fixed Income Outlook Q2 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.loomissayles.com\/insights\/april-2026-investment-outlook\/\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Loomis Sayles: April 2026 Investment Outlook<\/a><\/li>\n<\/ul><\/div>\n<div class=\"mvb-disclaimer-section\">\n    This material (the \u201cMaterial\u201d) is provided for general information purposes only and does not constitute, and should not be construed as, an offer, solicitation, recommendation, or invitation to buy or sell any securities, financial instruments, or investment products, or to enter into any transaction or adopt any investment strategy. Any views, forecasts, analyses or other information contained herein are as of the date of preparation and are subject to change without notice.<br \/>\nThe Material is prepared from sources believed to be reliable (including, without limitation, publications by central banks, government agencies and major financial institutions, as well as reputable news and data providers such as Reuters, Bloomberg and Morningstar). However, no representation or warranty is made as to its accuracy, completeness or timeliness, and the Company accepts no liability for any loss arising from any use of, or reliance on, the Material.<br \/>\nThis Material and the information in this material is not intended, by itself, to constitute independent, impartial or objective research or a recommendation from the Company and should not be treated as such. Unless otherwise indicated, any reference to a research report or recommendation is not intended to represent the whole report and is not in itself considered a research report or recommendation.<br \/>\nInvestments involve risks, including (but not limited to) market risk, interest rate risk, credit risk, liquidity risk and foreign exchange risk, and you may lose some or all of your invested capital. Past performance is not indicative of future results. You should make investment decisions based on your own objectives, financial situation, knowledge and experience, and risk tolerance, and you are solely responsible for such decisions. Where appropriate, you should seek independent professional advice (including financial, tax, legal and accounting advice).<br \/>\nNo part of this Material may be reproduced, distributed, published, transmitted, translated or otherwise used without the Company\u2019s prior written consent.<\/p><\/div>\n<\/div>\n<p><!-- MVB MONTH END: 2026-06 EN --><\/p>\n<hr>\n<p><!-- MVB MONTH START: 2026-05 EN --><\/p>\n<div class=\"comBgBox mvb-month-spacer\" style=\"margin: -150px 0 -120px 0;\"><\/div>\n<div class=\"market-view mvb-monthly-block\" data-mvb-id=\"2026-05-en\">\n<div class=\"mvb-month-header\"><img src=\"https:\/\/nipponwealth.sg\/wp-content\/uploads\/2026\/02\/market_view_logo.jpeg\" alt=\"market_view_logo\" width=\"250\" class=\"mvb-header-img\" loading=\"lazy\" decoding=\"async\" \/><\/p>\n<h1 class=\"mvb-title\">May 2026 Market View<\/h1>\n<\/div>\n<div class=\"marketv-sec mvb-section\" data-mvb-mode=\"body_list\">\n<h2 class=\"marketv-title mvb-section-heading\">\u2460 Macro Economy Summary<\/h2>\n<ul class=\"circle-list mvb-item-list\">\n<li class=\"market-il mvb-item\">Global growth remains resilient, but energy prices and continuing geopolitical tensions in the Middle East raise re-inflation risks, making rate cuts easier to delay.<\/li>\n<li class=\"market-il mvb-item\">While the U.S. economy remains resilient, supported by AI investment and spending by the wealthy, growth is being driven primarily by investment in AI and large corporations, and the economic expansion remains uneven. With rising energy prices and other factors, there is a risk that inflation could pick up again, creating an environment where the Fed is likely to delay interest rate cuts.<\/li>\n<li class=\"market-il mvb-item\">Europe is recovering gradually, but higher energy costs and weak growth are complicating policy decisions.<\/li>\n<li class=\"market-il mvb-item\">Japan benefits from wage growth, yet higher oil prices may pressure corporate profits and household real income.<\/li>\n<\/ul><\/div>\n<div class=\"marketv-sec mvb-section\" data-mvb-mode=\"body_list\">\n<h2 class=\"marketv-title mvb-section-heading\">\u2461 Key Investment Strategy Points<\/h2>\n<ul class=\"circle-list mvb-item-list\">\n<li class=\"market-il mvb-item\">With structurally higher interest rates and elevated volatility becoming more persistent, portfolio resilience is increasingly as important as return generation.<\/li>\n<li class=\"market-il mvb-item\">Market performance is likely to be driven less by broad index appreciation and more by selective exposure to high-quality assets with durable earnings, pricing power, and strong balance sheets.<\/li>\n<li class=\"market-il mvb-item\">While AI-related investment continues to support global growth, the benefits remain concentrated in a limited number of companies and industries, warranting caution against excessive thematic concentration.<\/li>\n<li class=\"market-il mvb-item\">As geopolitical risks, fiscal deficits, and re-inflation concerns coexist, diversification across equities, fixed income, and real assets has become increasingly important.<\/li>\n<li class=\"market-il mvb-item\">Given the rapid shifts in interest-rate, currency, and policy expectations, phased investment implementation may be more effective than aggressive lump-sum positioning.<\/li>\n<\/ul><\/div>\n<div class=\"marketv-sec mvb-section\" data-mvb-mode=\"heading_body_list\">\n<h2 class=\"marketv-title mvb-section-heading\">\u2462 Asset-Class Outlook<\/h2>\n<ul class=\"circle-list mvb-item-list\">\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">US Equities:<\/h3>\n<p>Strong corporate earnings and AI investment remain central to the market, and profit growth is expected to be the primary driver of stock prices in 2026 as well. On the other hand, valuations are already at high levels, which tends to limit the upside potential for indices, and returns are expected to slow. Furthermore, the fact that the rally has been concentrated among a few large tech companies is a risk factor, and we are entering a phase where stock selection that prioritizes earnings quality and diversification will be crucial.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Japan Equities:<\/h3>\n<p>Wage growth, capital efficiency reforms, and shareholder returns are positives, while imported inflation and FX swings remain risks. Favor domestic demand, financials, and companies with clear capital policies.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Investment-Grade Bonds:<\/h3>\n<p>Starting yields remain attractive for income, though long-rate volatility requires caution. High-quality issuers and diversified short-to-intermediate maturities can help balance yield and stability.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Gold:<\/h3>\n<p>Central bank demand, geopolitics, and fiscal concerns support the medium-term case. Pullbacks may occur, but gold remains a useful stabilizer when both stocks and bonds are volatile.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">USD\/JPY:<\/h3>\n<p>High U.S. rates support the dollar, while BOJ normalization and intervention risk cap further upside. A wide trading range is likely over 3\u201312 months, so phased hedging is preferable.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Other Alternatives:<\/h3>\n<p>Oil could rise again if Middle East tensions disrupt supply, affecting inflation and margins. Liquid alternatives and short-term assets can provide defense and buying power during shocks.<\/li>\n<\/ul><\/div>\n<div class=\"marketv-sec mvb-section mvb-section-references\">\n<h2 class=\"marketv-title mvb-section-heading\">Key References<\/h2>\n<ul class=\"circle-list mvb-references-list\">\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.imf.org\/en\/publications\/weo\/issues\/2026\/04\/14\/world-economic-outlook-april-2026?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">IMF World Economic Outlook April 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/fomcprojtabl20260318.htm?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">FOMC Projections materials March 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.ecb.europa.eu\/press\/press_conference\/monetary-policy-statement\/2026\/html\/ecb.is260319~93b1cbad97.en.html?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">ECB Monetary Policy Statement March 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.boj.or.jp\/en\/mopo\/outlook\/gor2604a.pdf\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">BOJ Outlook for Economic Activity and Prices April 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.goldmansachs.com\/insights\/articles\/us-stocks-forecast-to-rise-in-2026?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Goldman Sachs: US Stocks are Forecast to Rise 6% in 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.blackrock.com\/us\/financial-professionals\/literature\/market-commentary\/fixed-income-market-outlook.pdf\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">BlackRock Fixed Income Outlook Q1 2026<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.loomissayles.com\/insights\/april-2026-investment-outlook\/\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Loomis Sayles: April 2026 Investment Outlook<\/a><\/li>\n<\/ul><\/div>\n<div class=\"mvb-disclaimer-section\">\n    This material (the \u201cMaterial\u201d) is provided for general information purposes only and does not constitute, and should not be construed as, an offer, solicitation, recommendation, or invitation to buy or sell any securities, financial instruments, or investment products, or to enter into any transaction or adopt any investment strategy. Any views, forecasts, analyses or other information contained herein are as of the date of preparation and are subject to change without notice.<br \/>\nThe Material is prepared from sources believed to be reliable (including, without limitation, publications by central banks, government agencies and major financial institutions, as well as reputable news and data providers such as Reuters, Bloomberg and Morningstar). However, no representation or warranty is made as to its accuracy, completeness or timeliness, and the Company accepts no liability for any loss arising from any use of, or reliance on, the Material.<br \/>\nThis Material and the information in this material is not intended, by itself, to constitute independent, impartial or objective research or a recommendation from the Company and should not be treated as such. Unless otherwise indicated, any reference to a research report or recommendation is not intended to represent the whole report and is not in itself considered a research report or recommendation.<br \/>\nInvestments involve risks, including (but not limited to) market risk, interest rate risk, credit risk, liquidity risk and foreign exchange risk, and you may lose some or all of your invested capital. Past performance is not indicative of future results. You should make investment decisions based on your own objectives, financial situation, knowledge and experience, and risk tolerance, and you are solely responsible for such decisions. Where appropriate, you should seek independent professional advice (including financial, tax, legal and accounting advice).<br \/>\nNo part of this Material may be reproduced, distributed, published, transmitted, translated or otherwise used without the Company\u2019s prior written consent.<\/p><\/div>\n<\/div>\n<p><!-- MVB MONTH END: 2026-05 EN --><\/p>\n<hr>\n<p><!-- MVB MONTH START: 2026-04 EN --><\/p>\n<div class=\"comBgBox mvb-month-spacer\" style=\"margin: -150px 0 -120px 0;\"><\/div>\n<div class=\"market-view mvb-monthly-block\" data-mvb-id=\"2026-04-en\">\n<div class=\"mvb-month-header\"><img src=\"https:\/\/nipponwealth.sg\/wp-content\/uploads\/2026\/02\/market_view_logo.jpeg\" alt=\"market_view_logo\" width=\"250\" class=\"mvb-header-img\" loading=\"lazy\" decoding=\"async\" \/><\/p>\n<h1 class=\"mvb-title\">April 2026 Market View<\/h1>\n<\/div>\n<div class=\"marketv-sec mvb-section\" data-mvb-mode=\"heading_body_list\">\n<h2 class=\"marketv-title mvb-section-heading\">\u2460 Macro Economy Summary<\/h2>\n<ul class=\"circle-list mvb-item-list\">\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Global Economy: Confronting Re-inflation Risks Amid Resilient Growth<\/h3>\n<p>The escalation in the Middle East has driven oil prices higher, posing a risk of re-pressurizing inflation that had been cooling. However, sustained AI investment and resilient consumer spending are expected to support global growth, likely averting a severe recession.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">United States: Stalled Rate Cut Cycle and \u201cHigher-for-Longer\u201d Realities<\/h3>\n<p>The Federal Reserve remains cautious about cutting rates due to sticky inflation. While growth remains near trend, concerns over the fiscal deficit and geopolitical shocks are keeping long-term yields elevated and volatile.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Europe: Modest Recovery Clouded by Energy Uncertainties<\/h3>\n<p>Growth is expected to improve slightly in 2026, supported by fiscal expansion in Germany and increased defense spending. However, the risk of energy-linked shocks remains a primary threat to the ECB\u2019s disinflation path and easing timeline.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Japan: Wage-Price Cycle Consolidation and Normalization Progress<\/h3>\n<p>Stronger wages are beginning to support domestic demand, though imported inflation remains a risk. The Bank of Japan is anticipated to continue its gradual policy normalization, adjusting accommodation as economic targets are realized.<\/li>\n<\/ul><\/div>\n<div class=\"marketv-sec mvb-section\" data-mvb-mode=\"heading_body_list\">\n<h2 class=\"marketv-title mvb-section-heading\">\u2461 Key Investment Strategy Points<\/h2>\n<ul class=\"circle-list mvb-item-list\">\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Stress-Test for Energy Shocks<\/h3>\n<p>Prepare for higher fuel and logistics costs stemming from Strait of Hormuz tensions. Focus on companies with strong pricing power that can protect profit margins before macro data fully reflects the shock.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Shift from Concentration to Breadth<\/h3>\n<p>Move away from excessive reliance on mega-cap indices. Diversifying across regions, sectors, and investment styles (Value vs. Growth) is essential to build resilience against abrupt market rotations.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Flexible Bond Positioning<\/h3>\n<p>Yields remain attractive, but re-inflation fears can cause sudden yield spikes. Utilize maturity and issuer diversification to maintain a \u201ccushion\u201d while avoiding excessive concentration in long-duration assets.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Gold as Disciplined Portfolio Insurance<\/h3>\n<p>Maintain gold as a hedge against geopolitical and policy uncertainty. Discipline in allocation weighting is more critical than trying to time entries during period of heightened volatility.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Leveraging Non-Traditional Diversifiers<\/h3>\n<p>Consider alternative assets to mitigate risks when stocks and bonds sell off simultaneously. Prioritize liquidity and transparency to ensure these assets provide true protection during market stress.<\/li>\n<\/ul><\/div>\n<div class=\"marketv-sec mvb-section\" data-mvb-mode=\"heading_body_list\">\n<h2 class=\"marketv-title mvb-section-heading\">\u2462 Asset-Class Outlook<\/h2>\n<ul class=\"circle-list mvb-item-list\">\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">US Equities:<\/h3>\n<p>Solid earnings and AI tailwinds provide support, but geopolitical-driven inflation and higher-for-longer rates may cap valuation expansion. Returns are expected to be driven by earnings growth; therefore, focus on broader quality diversification and stay cautious in overcrowded segments.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Japan Equities:<\/h3>\n<p>Wage growth and domestic demand improvements are positive drivers, yet the market remains sensitive to oil price spikes and rising global yields. Balancing exposure between exporters and domestic-oriented firms, particularly those with high shareholder-return quality, is a prudent strategy.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Investment-Grade Bonds:<\/h3>\n<p>Absolute yields are still appealing for income-seeking investors, but inflation scares from Middle East tensions can trigger volatility. Diversifying across issuers and managing duration carefully will allow investors to benefit from the carry while dampening price fluctuations.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Gold:<\/h3>\n<p>Supported by significant geopolitical risk and shifting policy expectations. While short-term risk-on\/off shifts will cause price swings, gold serves as a vital anchor for portfolio stability during times of crisis and currency uncertainty.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">USD\/JPY:<\/h3>\n<p>High US interest rates provide a floor for the dollar, while the potential for \u201crisk-off\u201d JPY repatriation and BOJ normalization creates appreciation pressure. Expect a range-bound environment with high two-way risks; use time-diversified entry points to manage exposure.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Other (Energy &amp; Alternatives):<\/h3>\n<p>Oil prices face significant upside risk if the conflict impacts supply routes, potentially feeding broader inflation. Maintaining a healthy level of cash liquidity will provide the flexibility needed to navigate shocks and capitalize on market dislocations.<\/li>\n<\/ul><\/div>\n<div class=\"marketv-sec mvb-section mvb-section-references\">\n<h2 class=\"marketv-title mvb-section-heading\">Key References<\/h2>\n<ul class=\"circle-list mvb-references-list\">\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.assetmanagement.hsbc.com.sg\/en\/institutional-client\/news-and-insights\/investment-monthly-march-2026\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Investment Monthly &#8211; Age of uncertainty &#8211; HSBC AM<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.stlouisfed.org\/from-the-president\/remarks\/2026\/economic-outlook-monetary-policy-aei\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">The Economic Outlook and Monetary Policy &#8211; Federal Reserve Bank of St. Louis<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.jpmorgan.com\/insights\/global-research\/outlook\/market-outlook\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">2026 Market Outlook &#8211; J.P. Morgan<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.gspublishing.com\/content\/research\/en\/reports\/2026\/01\/05\/19831336-8eb4-4cd6-8380-b98e15755b31.html\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Euro Area Outlook 2026: Cyclical Boost, Structural Drag &#8211; Goldman Sachs<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"http:\/\/www.nomuraconnects.com\/focused-thinking-posts\/japan-macro-outlook-2026\/\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Japan Macro Outlook 2026 &#8211; Nomura<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.boj.or.jp\/en\/mopo\/outlook\/highlight\/ten202504.htm\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Highlights of the Outlook (April 2025) &#8211; Bank of Japan<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.amp.com.au\/resources\/insights-hub\/econosights-middle-east-inflation-and-gdp\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">The Middle East War, oil prices, inflation and GDP &#8211; AMP<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.goldmansachs.com\/insights\/articles\/global-stocks-are-projected-to-return-11-percent-in-next-12-months\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Global Stocks Are Projected to Return 11% in the Next 12 Months &#8211; Goldman Sachs<\/a><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\"><a href=\"https:\/\/www.blackrock.com\/us\/financial-professionals\/insights\/fixed-income-outlook\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Fixed Income Outlook &#8211; BlackRock<\/a><\/li>\n<\/ul><\/div>\n<div class=\"mvb-disclaimer-section\">\n    This material (the \u201cMaterial\u201d) is provided for general information purposes only and does not constitute, and should not be construed as, an offer, solicitation, recommendation, or invitation to buy or sell any securities, financial instruments, or investment products, or to enter into any transaction or adopt any investment strategy. Any views, forecasts, analyses or other information contained herein are as of the date of preparation and are subject to change without notice.<br \/>\nThe Material is prepared from sources believed to be reliable (including, without limitation, publications by central banks, government agencies and major financial institutions, as well as reputable news and data providers such as Reuters, Bloomberg and Morningstar). However, no representation or warranty is made as to its accuracy, completeness or timeliness, and the Company accepts no liability for any loss arising from any use of, or reliance on, the Material.<br \/>\nThis Material and the information in this material is not intended, by itself, to constitute independent, impartial or objective research or a recommendation from the Company and should not be treated as such. Unless otherwise indicated, any reference to a research report or recommendation is not intended to represent the whole report and is not in itself considered a research report or recommendation.<br \/>\nInvestments involve risks, including (but not limited to) market risk, interest rate risk, credit risk, liquidity risk and foreign exchange risk, and you may lose some or all of your invested capital. Past performance is not indicative of future results. You should make investment decisions based on your own objectives, financial situation, knowledge and experience, and risk tolerance, and you are solely responsible for such decisions. Where appropriate, you should seek independent professional advice (including financial, tax, legal and accounting advice).<br \/>\nNo part of this Material may be reproduced, distributed, published, transmitted, translated or otherwise used without the Company\u2019s prior written consent.<\/p><\/div>\n<\/div>\n<p><!-- MVB MONTH END: 2026-04 EN --><\/p>\n<hr>\n<p><!-- MVB MONTH START: 2026-03 EN --><\/p>\n<div class=\"comBgBox mvb-month-spacer\" style=\"margin: -150px 0 -120px 0;\"><\/div>\n<div class=\"market-view mvb-monthly-block\" data-mvb-id=\"2026-03-en\">\n<div class=\"mvb-month-header\"><img src=\"https:\/\/nipponwealth.sg\/wp-content\/uploads\/2026\/02\/market_view_logo.jpeg\" alt=\"market_view_logo\" width=\"250\" class=\"mvb-header-img\" loading=\"lazy\" decoding=\"async\" \/><\/p>\n<h1 class=\"mvb-title\">March 2026 Market View<\/h1>\n<\/div>\n<div class=\"marketv-sec mvb-section\" data-mvb-mode=\"body_list\">\n<h2 class=\"marketv-title mvb-section-heading\">\u2460 Macro Economy Summary<\/h2>\n<ul class=\"circle-list mvb-item-list\">\n<li class=\"market-il mvb-item\">Middle East: The Iran-related escalation raises upside risks to oil and shipping costs, potentially re-pressurizing inflation and growth.<\/li>\n<li class=\"market-il mvb-item\">United States: A slowdown remains the base case, but markets keep oscillating between disinflation and \u201csticky inflation\u201d risks.<\/li>\n<li class=\"market-il mvb-item\">Europe: Growth stays soft while inflation trends calmer; wages and energy-linked shocks may dictate the pace of easing.<\/li>\n<li class=\"market-il mvb-item\">Japan: Gradual normalization continues if the wage\u2013price cycle holds; FX and rates can still swing meaningfully.<\/li>\n<\/ul><\/div>\n<div class=\"marketv-sec mvb-section\" data-mvb-mode=\"body_list\">\n<h2 class=\"marketv-title mvb-section-heading\">\u2461 Key Investment Strategy Points<\/h2>\n<ul class=\"circle-list mvb-item-list\">\n<li class=\"market-il mvb-item\">Assume second-round effects (oil, freight, insurance) can hit margins before macro data turns\u2014stress-test portfolios accordingly.<\/li>\n<li class=\"market-il mvb-item\">Don\u2019t anchor solely on \u201crate-cut hopes\u201d; re-inflation via energy shocks can change bond and equity narratives quickly.<\/li>\n<li class=\"market-il mvb-item\">In equities, focus on breadth and quality diversification rather than index headlines; concentration can unwind abruptly.<\/li>\n<li class=\"market-il mvb-item\">Treat gold as portfolio insurance under geopolitical + policy uncertainty; allocation discipline matters more than timing.<\/li>\n<li class=\"market-il mvb-item\">JPY can strengthen in risk-off episodes beyond yield differentials; phased positioning helps manage tail moves.<\/li>\n<li class=\"market-il mvb-item\">Alternatives aren\u2019t a cure-all, but can help resilience if you prioritize liquidity and transparency\u2014especially when stocks and bonds sell off together.<\/li>\n<\/ul><\/div>\n<div class=\"marketv-sec mvb-section\" data-mvb-mode=\"heading_body_list\">\n<h2 class=\"marketv-title mvb-section-heading\">\u2462 Asset-Class Outlook<\/h2>\n<ul class=\"circle-list mvb-item-list\">\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">US Equities:<\/h3>\n<p>Growth support continues, yet geopolitics can revive cost pressures and keep rates higher for longer, amplifying valuation swings. Prefer broader, quality diversification; stay cautious where expectations are most crowded.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Japan Equities:<\/h3>\n<p>Wages and domestic demand are supportive, but episodes of oil price increase or rising rates can trigger pullbacks. Balance exporters and domestic plays, and favor firms with stronger shareholder-return quality.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Investment-Grade Bonds:<\/h3>\n<p>Yield carry remains attractive, but energy-driven inflation scares can jolt yields. Use maturity and issuer diversification to keep the \u201ccushion,\u201d avoiding excessive long-duration concentration.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Gold:<\/h3>\n<p>Supported by geopolitical uncertainty and shifting policy expectations. Near-term volatility is likely, but it can stabilize portfolios; build exposure gradually rather than all at once.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">USD\/JPY:<\/h3>\n<p>Beyond narrowing rate spreads, risk-off JPY strength remains a meaningful scenario. Over 3\u201312 months, two-way risks are high\u2014manage with phased, range-aware positioning.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Other:<\/h3>\n<p>If Hormuz\/Red Sea risks flare, oil and freight can re-accelerate, feeding inflation. Check portfolio \u201cenergy shock tolerance\u201d and keep some liquidity optionality.<\/li>\n<\/ul><\/div>\n<div class=\"marketv-sec mvb-section mvb-section-references\">\n<h2 class=\"marketv-title mvb-section-heading\">Key References<\/h2>\n<ul class=\"circle-list mvb-references-list\">\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\">Middle East and Market Impact<\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-disc\">How US-Iran tensions could shape world markets (<a href=\"https:\/\/uk.finance.yahoo.com\/news\/us-iran-tensions-could-shape-133453214.html?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Yahoo Finance<\/a>)<\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-disc\">Oil price expected to surge after Iran strikes and strait of Hormuz closure (<a href=\"https:\/\/www.theguardian.com\/business\/2026\/mar\/01\/oil-price-surge-iran-us-israel-strikes-markets?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">The Guardian<\/a>)<\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-disc\">Wall Street Turns to \u2018Haven-First\u2019 Strategy Amid Iran Crisis (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-03-01\/wall-street-turns-to-haven-first-strategies-amid-iran-attacks?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Bloomberg.com<\/a>)<\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-disc\">Iran Conflict Spurs Rebound in U.S. Borrowing Costs (<a href=\"https:\/\/www.wsj.com\/finance\/investing\/iran-conflict-spurs-rebound-in-u-s-borrowing-costs-dae8a3fc?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">The Wall Street Journal<\/a>)<\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-disc\">Global Bonds Sink as Middle East War Stokes Inflation Risk (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-03-03\/global-bonds-on-knife-edge-as-iran-war-revives-inflation-threat?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Bloomberg.com<\/a>)<\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\">US Federal Reserve (December 2025) (<a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/fomcprojtabl20251210.htm?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Federal Reserve<\/a>)<\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\">ECB (December 2025) (<a href=\"https:\/\/www.ecb.europa.eu\/press\/projections\/html\/ecb.projections202512_eurosystemstaff~12ead61977.en.html?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">European Central Bank<\/a>)<\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\">BOJ (January 2026) (<a href=\"https:\/\/www.boj.or.jp\/en\/mopo\/outlook\/gor2601a.pdf?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Bank of Japan<\/a>)<\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\">2026 US Stock Market Outlook: Where to Find Investing Opportunities (<a href=\"https:\/\/www.morningstar.com\/markets\/2026-us-stock-market-outlook-where-find-investing-opportunities?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Morningstar<\/a>)<\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\">2026 Year-Ahead Investment Outlook: AI Lift and Economic Drift (<a href=\"https:\/\/am.jpmorgan.com\/us\/en\/asset-management\/adv\/insights\/market-insights\/investment-outlook\/?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">JPMorgan<\/a>)<\/li>\n<\/ul><\/div>\n<div class=\"mvb-disclaimer-section\">\n    This material (the \u201cMaterial\u201d) is provided for general information purposes only and does not constitute, and should not be construed as, an offer, solicitation, recommendation, or invitation to buy or sell any securities, financial instruments, or investment products, or to enter into any transaction or adopt any investment strategy. Any views, forecasts, analyses or other information contained herein are as of the date of preparation and are subject to change without notice.<br \/>\nThe Material is prepared from sources believed to be reliable (including, without limitation, publications by central banks, government agencies and major financial institutions, as well as reputable news and data providers such as Reuters, Bloomberg and Morningstar). However, no representation or warranty is made as to its accuracy, completeness or timeliness, and the Company accepts no liability for any loss arising from any use of, or reliance on, the Material.<br \/>\nThis Material and the information in this material is not intended, by itself, to constitute independent, impartial or objective research or a recommendation from the Company and should not be treated as such. Unless otherwise indicated, any reference to a research report or recommendation is not intended to represent the whole report and is not in itself considered a research report or recommendation.<br \/>\nInvestments involve risks, including (but not limited to) market risk, interest rate risk, credit risk, liquidity risk and foreign exchange risk, and you may lose some or all of your invested capital. Past performance is not indicative of future results. You should make investment decisions based on your own objectives, financial situation, knowledge and experience, and risk tolerance, and you are solely responsible for such decisions. Where appropriate, you should seek independent professional advice (including financial, tax, legal and accounting advice).<br \/>\nNo part of this Material may be reproduced, distributed, published, transmitted, translated or otherwise used without the Company\u2019s prior written consent.<\/p><\/div>\n<\/div>\n<p><!-- MVB MONTH END: 2026-03 EN --><\/p>\n<hr>\n<p><!-- MVB MONTH START: 2026-02 EN --><\/p>\n<div class=\"comBgBox mvb-month-spacer\" style=\"margin: -150px 0 -120px 0;\"><\/div>\n<div class=\"market-view mvb-monthly-block\" data-mvb-id=\"2026-02-en\">\n<div class=\"mvb-month-header\"><img src=\"https:\/\/nipponwealth.sg\/wp-content\/uploads\/2026\/02\/market_view_logo.jpeg\" alt=\"market_view_logo\" width=\"250\" class=\"mvb-header-img\" loading=\"lazy\" decoding=\"async\" \/><\/p>\n<h1 class=\"mvb-title\">February 2026 Market View<\/h1>\n<\/div>\n<div class=\"marketv-sec mvb-section\" data-mvb-mode=\"body_list\">\n<h2 class=\"marketv-title mvb-section-heading\">\u2460 Macro Economy Summary<\/h2>\n<ul class=\"circle-list mvb-item-list\">\n<li class=\"market-il mvb-item\">United States: Growth is slowing but a hard landing is not the base case. However, uncertainty surrounding the next Fed Chair appointment could cloud the policy outlook and increase market volatility.<\/li>\n<li class=\"market-il mvb-item\">Europe: Growth remains subdued while inflation converges toward 2%. Wage trends, rather than politics, are likely to anchor policy decisions, keeping rate cuts gradual.<\/li>\n<li class=\"market-il mvb-item\">Japan: With elections ahead, expectations for growth- and fiscal-supportive policies may rise. If the wage\u2013price cycle holds, the Bank of Japan is likely to continue gradual normalization.<\/li>\n<li class=\"market-il mvb-item\">Common theme: Expanding AI investment supports growth, but rising costs in energy, resources, and labor could rekindle inflation concerns.<\/li>\n<\/ul><\/div>\n<div class=\"marketv-sec mvb-section\" data-mvb-mode=\"body_list\">\n<h2 class=\"marketv-title mvb-section-heading\">\u2461 Key Investment Strategy Points<\/h2>\n<ul class=\"circle-list mvb-item-list\">\n<li class=\"market-il mvb-item\">In the US, markets must balance rate-cut expectations with uncertainty over the Fed Chair appointment, arguing against overly directional positioning.<\/li>\n<li class=\"market-il mvb-item\">For US equities, selectivity matters more than headline indices. A phase of correction from mega-cap concentration favors broader diversification.<\/li>\n<li class=\"market-il mvb-item\">Bonds continue to offer attractive yields. Diversifying maturities and issuers helps manage renewed inflation and policy uncertainty risks.<\/li>\n<li class=\"market-il mvb-item\">Gold and silver have shown heightened volatility recently, yet their role as insurance against political and financial uncertainty remains intact. Allocation discipline matters more than timing.<\/li>\n<li class=\"market-il mvb-item\">FX markets may react not only to yield differentials but also to Japan\u2019s political calendar and risk-off episodes, supporting JPY intermittently.<\/li>\n<li class=\"market-il mvb-item\">To prepare for periods when both stocks and bonds correct, selective use of alternatives such as hedge funds (after due consideration of liquidity) may enhance resilience.<\/li>\n<\/ul><\/div>\n<div class=\"marketv-sec mvb-section\" data-mvb-mode=\"heading_body_list\">\n<h2 class=\"marketv-title mvb-section-heading\">\u2462 Asset-Class Outlook<\/h2>\n<ul class=\"circle-list mvb-item-list\">\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">US Equities:<\/h3>\n<p>AI investment remains a medium-term tailwind, but uncertainty around Fed leadership and policy direction could amplify valuation swings. Expect wider dispersion beneath resilient indices.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Japan Equities:<\/h3>\n<p>Elections may lift expectations for domestic demand, wage growth, and fiscal support. Still, bouts of yen strength or rising rates could trigger pullbacks, favoring balanced exposure.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Investment-Grade Bonds:<\/h3>\n<p>Yields remain appealing and may cushion portfolios during slower growth. Managing reinflation and policy-shift risk through maturity diversification is key.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Gold:<\/h3>\n<p>Supported by geopolitical and monetary uncertainty, gold remains elevated. Despite short-term volatility, it continues to enhance portfolio stability.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">USD\/JPY:<\/h3>\n<p>Beyond narrowing rate differentials, Japan\u2019s political events could tilt risks toward yen appreciation at times. Positioning for both upside and downside scenarios is prudent.<\/li>\n<\/ul><\/div>\n<div class=\"marketv-sec mvb-section mvb-section-references\">\n<h2 class=\"marketv-title mvb-section-heading\">Key References<\/h2>\n<ul class=\"circle-list mvb-references-list\">\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\">Federal Reserve<br \/><span class=\"mvb-ref-stacked-line\">\u201cSummary of Economic Projections\u201d<\/span><br \/><span class=\"mvb-ref-stacked-line\"><a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/fomcprojtabl20251210.htm\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">https:\/\/www.federalreserve.gov\/monetarypolicy\/fomcprojtabl20251210.htm<\/a><\/span><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\">European Central Bank<br \/><span class=\"mvb-ref-stacked-line\">\u201cMacroeconomic projections\u201d<\/span><br \/><span class=\"mvb-ref-stacked-line\"><a href=\"https:\/\/www.ecb.europa.eu\/press\/projections\/html\/index.en.html\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">https:\/\/www.ecb.europa.eu\/press\/projections\/html\/index.en.html<\/a><\/span><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\">Bank of Japank<br \/><span class=\"mvb-ref-stacked-line\">\u201cOutlook for Economic Activity and Prices\u201d<\/span><br \/><span class=\"mvb-ref-stacked-line\"><a href=\"https:\/\/www.boj.or.jp\/en\/mopo\/outlook\/index.htm\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">https:\/\/www.boj.or.jp\/en\/mopo\/outlook\/index.htm<\/a><\/span><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\">Goldman Sachs<br \/><span class=\"mvb-ref-stacked-line\">\u201cWhy AI Companies May Invest More Than $500 Billion\u201d<\/span><br \/><span class=\"mvb-ref-stacked-line\"><a href=\"https:\/\/www.goldmansachs.com\/insights\/articles\/why-ai-companies-may-invest-more-than-500-billion-in-2026\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">https:\/\/www.goldmansachs.com\/insights\/articles\/why-ai-companies-may-invest-more-than-500-billion-in-2026<\/a><\/span><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\">J.P. Morgan Asset Management<br \/><span class=\"mvb-ref-stacked-line\">\u201c2026 Market Outlook\u201d<\/span><br \/><span class=\"mvb-ref-stacked-line\"><a href=\"https:\/\/am.jpmorgan.com\/sg\/en\/asset-management\/adv\/insights\/market-insights\/market-outlook-2026\/\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">https:\/\/am.jpmorgan.com\/sg\/en\/asset-management\/adv\/insights\/market-insights\/market-outlook-2026\/<\/a><\/span><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\">UBS Global Wealth Management<br \/><span class=\"mvb-ref-stacked-line\">\u201cYear Ahead 2026\u201d<\/span><br \/><span class=\"mvb-ref-stacked-line\"><a href=\"https:\/\/advisors.ubs.com\/nwm\/mediahandler\/media\/766702\/UBS_YA2026_global_en_digital_accessible_2025_11C.pdf\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">https:\/\/advisors.ubs.com\/nwm\/mediahandler\/media\/766702\/UBS_YA2026_global_en_digital_accessible_2025_11C.pdf<\/a><\/span><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\">Barron\u2019s<br \/><span class=\"mvb-ref-stacked-line\">\u201cGold, Silver Are Volatile After Slump. Why Trump\u2019s Warsh Fed Pick Is Bashing Prices\u201d<\/span><br \/><span class=\"mvb-ref-stacked-line\"><a href=\"https:\/\/www.barrons.com\/articles\/gold-price-silver-selloff-trump-warsh-376c63ff\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">https:\/\/www.barrons.com\/articles\/gold-price-silver-selloff-trump-warsh-376c63ff<\/a><\/span><\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\">Nomura Asset Management<br \/><span class=\"mvb-ref-stacked-line\">\u300c\u8846\u9662\u89e3\u6563\u8868\u660e\u3067\u65e5\u672c\u306e\u91d1\u878d\u5e02\u5834\u306f\u3069\u3046\u306a\u308b\u306e\u304b\u300d<\/span><br \/><span class=\"mvb-ref-stacked-line\"><a href=\"https:\/\/www.nomura-am.co.jp\/market\/marketcomment\/20260120_JAPAN_Election_Markets.pdf\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">https:\/\/www.nomura-am.co.jp\/market\/marketcomment\/20260120_JAPAN_Election_Markets.pdf<\/a><\/span><\/li>\n<\/ul><\/div>\n<div class=\"mvb-disclaimer-section\">\n    This material (the \u201cMaterial\u201d) is provided for general information purposes only and does not constitute, and should not be construed as, an offer, solicitation, recommendation, or invitation to buy or sell any securities, financial instruments, or investment products, or to enter into any transaction or adopt any investment strategy. Any views, forecasts, analyses or other information contained herein are as of the date of preparation and are subject to change without notice.<br \/>\nThe Material is prepared from sources believed to be reliable (including, without limitation, publications by central banks, government agencies and major financial institutions, as well as reputable news and data providers such as Reuters, Bloomberg and Morningstar). However, no representation or warranty is made as to its accuracy, completeness or timeliness, and the Company accepts no liability for any loss arising from any use of, or reliance on, the Material.<br \/>\nThis Material and the information in this material is not intended, by itself, to constitute independent, impartial or objective research or a recommendation from the Company and should not be treated as such. Unless otherwise indicated, any reference to a research report or recommendation is not intended to represent the whole report and is not in itself considered a research report or recommendation.<br \/>\nInvestments involve risks, including (but not limited to) market risk, interest rate risk, credit risk, liquidity risk and foreign exchange risk, and you may lose some or all of your invested capital. Past performance is not indicative of future results. You should make investment decisions based on your own objectives, financial situation, knowledge and experience, and risk tolerance, and you are solely responsible for such decisions. Where appropriate, you should seek independent professional advice (including financial, tax, legal and accounting advice).<br \/>\nNo part of this Material may be reproduced, distributed, published, transmitted, translated or otherwise used without the Company\u2019s prior written consent.<\/p><\/div>\n<\/div>\n<p><!-- MVB MONTH END: 2026-02 EN --><\/p>\n<hr>\n<p><!-- MVB MONTH START: 2026-01 EN --><\/p>\n<div class=\"comBgBox mvb-month-spacer\" style=\"margin: -150px 0 -120px 0;\"><\/div>\n<div class=\"market-view mvb-monthly-block\" data-mvb-id=\"2026-01-en\">\n<div class=\"mvb-month-header\"><img src=\"https:\/\/nipponwealth.sg\/wp-content\/uploads\/2026\/02\/market_view_logo.jpeg\" alt=\"market_view_logo\" width=\"250\" class=\"mvb-header-img\" loading=\"lazy\" decoding=\"async\" \/><\/p>\n<h1 class=\"mvb-title\">January 2026 Market View<\/h1>\n<\/div>\n<div class=\"marketv-sec mvb-section\" data-mvb-mode=\"body_list\">\n<h2 class=\"marketv-title mvb-section-heading\">\u2460 Macro Economy Summary<\/h2>\n<ul class=\"circle-list mvb-item-list\">\n<li class=\"market-il mvb-item\">The US is likely to cool without a hard break. Easier financial conditions help, but a re-inflation surprise remains a key risk.<\/li>\n<li class=\"market-il mvb-item\">Europe\u2019s growth remains soft, while inflation gravitates around ~2%. Sticky wages\/services keep policy cautious.<\/li>\n<li class=\"market-il mvb-item\">Japan\u2019s wage-price cycle supports gradual further tightening if the outlook holds. FX-driven inflation sensitivity stays in focus.<\/li>\n<li class=\"market-il mvb-item\">Global equities are strong on AI capex optimism, but investors increasingly watch the risk of AI-related cost inflation.<\/li>\n<\/ul><\/div>\n<div class=\"marketv-sec mvb-section\" data-mvb-mode=\"body_list\">\n<h2 class=\"marketv-title mvb-section-heading\">\u2461 Key Investment Strategy Points<\/h2>\n<ul class=\"circle-list mvb-item-list\">\n<li class=\"market-il mvb-item\">Balance \u201crate-cut tailwinds\u201d with \u201cre-inflation headwinds.\u201d Avoid one-way positioning.<\/li>\n<li class=\"market-il mvb-item\">In equities, breadth matters more than beta. Reduce US mega-cap concentration and widen across regions\/styles\/themes.<\/li>\n<li class=\"market-il mvb-item\">Bonds can offer both carry and ballast; emphasize investment grade and diversify maturities to manage rate\/inflation surprises.<\/li>\n<li class=\"market-il mvb-item\">Manage JPY in two layers. BoJ normalization can support JPY, but U.S. yields and risk sentiment can still keep USD\/JPY elevated.<\/li>\n<li class=\"market-il mvb-item\">Geopolitics, trade policy, and second-order AI effects can spike volatility\u2014keep hedges (FX, gold, short duration) in the toolkit.<\/li>\n<\/ul><\/div>\n<div class=\"marketv-sec mvb-section\" data-mvb-mode=\"heading_body_list\">\n<h2 class=\"marketv-title mvb-section-heading\">\u2462 Asset-Class Outlook<\/h2>\n<ul class=\"circle-list mvb-item-list\">\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">U.S. equities:<\/h3>\n<p>AI capex is supportive, but lofty expectations raise the bar for earnings delivery. Broad indices can stay firm while dispersion widens\u2014use diversification and buy-on-dips rather than chasing narrow leadership.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Japan Equities:<\/h3>\n<p>Wage momentum and governance reforms are constructive, but rising rates or episodic JPY strength can trigger pullbacks. Use a balanced mix across domestic demand, high-value exporters, and financials.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Investment-grade bonds:<\/h3>\n<p>Attractive yields plus potential downside protection if growth cools. The main risk is inflation re-ignition\u2014manage with maturity diversification and quality bias to control \u201creach for yield.\u201d<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">Gold:<\/h3>\n<p>Supported by easier policy expectations and its role as insurance against geopolitics and renewed inflation. Expect volatility, but it can stabilize portfolios as a diversifier.<\/li>\n<li class=\"market-il mvb-item\">\n<h3 class=\"mvb-item-title-heading\">USD\/JPY:<\/h3>\n<p>Likely choppy\u2014rate differentials should narrow, but the pace matters. Japan tightening supports JPY, while stronger US data can re-ignite USD strength.<\/li>\n<\/ul><\/div>\n<div class=\"marketv-sec mvb-section mvb-section-references\">\n<h2 class=\"marketv-title mvb-section-heading\">Key References<\/h2>\n<ul class=\"circle-list mvb-references-list\">\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\">BOJ\uff1aOutlook for Economic Activity and Prices\uff08Oct 2025\uff09 (<a href=\"https:\/\/www.boj.or.jp\/en\/mopo\/outlook\/gor2510b.pdf\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Bank of Japan<\/a>)<\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\">Reuters\uff1aBank of Japan chief vows to keep raising interest rates (Jan 2026) (<a href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/boj-keep-raising-interest-rates-governor-ueda-says-2026-01-05\/?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Reuters<\/a>)<\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\">ECB\uff1aEurosystem staff projections\uff08Dec 2025\uff09 (<a href=\"https:\/\/www.ecb.europa.eu\/press\/projections\/html\/ecb.projections202512_eurosystemstaff~12ead61977.en.html?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">European Central Bank<\/a>)<\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\">J.P. Morgan AM\uff1aGlobal Equity Views\uff084Q 2025\uff09 (<a href=\"https:\/\/am.jpmorgan.com\/us\/en\/asset-management\/adv\/insights\/portfolio-insights\/asset-class-views\/equity\/?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">J.P. Morgan<\/a>)<\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\">BNP Paribas WM\uff1aEquity Focus\uff08Nov 2025\uff09 (<a href=\"https:\/\/wealthmanagement.bnpparibas\/en\/insights\/market-strategy\/equity-focus-november-2025.html?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">wealthmanagement.bnpparibas<\/a>)<\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\">Capital Group\uff1aBond outlook\uff08Dec 2025\uff09 (<a href=\"http:\/\/capitalgroup.com\/advisor\/public\/authentication-0.htm?next=\/advisor\/insights\/articles\/2026-bond-outlook.html?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">CapitalGroup NACG<\/a>)<\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\">Goldman Sachs\uff1aFed rate cuts outlook\uff08Dec 2025\uff09 (<a href=\"https:\/\/www.goldmansachs.com\/insights\/articles\/the-outlook-for-fed-rate-cuts-in-2026?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Goldman Sachs<\/a>)<\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\">Morningstar\uff1a2026 Outlook\uff08Nov 2025\uff09 (<a href=\"http:\/\/newsroom.morningstar.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">newsroom.morningstar.com<\/a>)<\/li>\n<li class=\"market-il mvb-ref-item mvb-ref-marker-circle\">Bloomberg\uff1aYen Bearish Voices Build for 2026 on Cautious BOJ Policy Path (Dec 2025\uff09 (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-12-25\/yen-bearish-voices-build-for-2026-on-cautious-boj-policy-path?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"mvb-ref-link\">Bloomberg.com<\/a>)<\/li>\n<\/ul><\/div>\n<div class=\"mvb-disclaimer-section\">\n    This material (the \u201cMaterial\u201d) is provided for general information purposes only and does not constitute, and should not be construed as, an offer, solicitation, recommendation, or invitation to buy or sell any securities, financial instruments, or investment products, or to enter into any transaction or adopt any investment strategy. Any views, forecasts, analyses or other information contained herein are as of the date of preparation and are subject to change without notice.<br \/>\nThe Material is prepared from sources believed to be reliable (including, without limitation, publications by central banks, government agencies and major financial institutions, as well as reputable news and data providers such as Reuters, Bloomberg and Morningstar). However, no representation or warranty is made as to its accuracy, completeness or timeliness, and the Company accepts no liability for any loss arising from any use of, or reliance on, the Material.<br \/>\nThis Material and the information in this material is not intended, by itself, to constitute independent, impartial or objective research or a recommendation from the Company and should not be treated as such. Unless otherwise indicated, any reference to a research report or recommendation is not intended to represent the whole report and is not in itself considered a research report or recommendation.<br \/>\nInvestments involve risks, including (but not limited to) market risk, interest rate risk, credit risk, liquidity risk and foreign exchange risk, and you may lose some or all of your invested capital. Past performance is not indicative of future results. You should make investment decisions based on your own objectives, financial situation, knowledge and experience, and risk tolerance, and you are solely responsible for such decisions. Where appropriate, you should seek independent professional advice (including financial, tax, legal and accounting advice).<br \/>\nNo part of this Material may be reproduced, distributed, published, transmitted, translated or otherwise used without the Company\u2019s prior written consent.<\/p><\/div>\n<\/div>\n<p><!-- MVB MONTH END: 2026-01 EN --><\/p>\n","protected":false},"excerpt":{"rendered":"<p>September 2026 Market View \u2460 Macro Economic Summary The global economy remains resilient despite elevated energy prices and geopolitical risks, while AI-related investment continues to support growth. Recession risks over the next 3\u201312 months remain relatively contained, although divergence between countries and regions is likely to widen. Global disinflation has stalled, with energy costs, supply [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":1,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":"","_locale":"en_US","_original_post":"https:\/\/nipponwealth.sg\/?page_id=987"},"_links":{"self":[{"href":"https:\/\/nipponwealth.sg\/wp-json\/wp\/v2\/pages\/987"}],"collection":[{"href":"https:\/\/nipponwealth.sg\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/nipponwealth.sg\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/nipponwealth.sg\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nipponwealth.sg\/wp-json\/wp\/v2\/comments?post=987"}],"version-history":[{"count":156,"href":"https:\/\/nipponwealth.sg\/wp-json\/wp\/v2\/pages\/987\/revisions"}],"predecessor-version":[{"id":1174,"href":"https:\/\/nipponwealth.sg\/wp-json\/wp\/v2\/pages\/987\/revisions\/1174"}],"wp:attachment":[{"href":"https:\/\/nipponwealth.sg\/wp-json\/wp\/v2\/media?parent=987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}