1. Overall view
The sentiment index is 60, slightly favorable.
2. FX
The yen gained roughly 2% over the week, challenging the one-way bearish-yen consensus.
3. Property
Q2 property investment volume rose 17% y/y, showing continued capital demand.
4. Exit and macro
Japan’s 10-year government yield around 3% creates upward pressure on future required property returns.
5. Overseas investors
USD and CNY purchasing power remains strong, but risk-off conditions can support further yen appreciation.
6. Risks
Bond stress, yen-short unwinds, oil, geopolitics and higher cash preference are the main sentiment risks.
7. Conclusion
Demand is strong, but stable income should be favored over momentum-driven buying.