Outlook
The Shift Toward Growth-Oriented Corporate Governance
More than a decade has passed since Japan's corporate governance reforms began in 2015, and this year saw the third revision of the Corporate Governan...
Reflections on Succession Planning Following the Revision of the Corporate Governance Code
Key Points of the Corporate Governance Code RevisionIn July 2026, the Corporate Governance Code was revised for the first time in five years. The aim ...
The Impact of AI's Evolution on Asset Management
AI Adoption: Rapid Spread, Gap in ResultsThe evolution of AI is bringing about a structural shift in the asset management industry. According to a sur...
The Need to Reassess Risks considering Extreme Weather
Growing Cost of Extreme Weather Risk MitigationIn May 2026, CDP (Carbon Disclosure Project, an NGO promoting environmental disclosure) published an ex...
Survey on Cybersecurity Governance Systems (2026Q1)
In recent years, the cybersecurity risks facing companies have entered a new phase. In April 2026, US-based Anthropic announced an AI model — "Claude ...
The Impact of Large-Scale Military Operations Against Iran
Japan’s Crude Oil and LNG ProcurementFollowing the large-scale military operation conducted by the United States and Israel against Iran on February 2...
A Review of the Lower House Election Results and Key Themes Ahead
Lower House Election ResultsIn the February 2026 general election for the House of Representatives, the ruling coalition significantly expanded its se...
Japan’s Evolving Discount Rate — Re-examining Corporate Valuation in a Rising Interest Rate Environment
Interest Rate Trends and BackgroundLong-term interest rates in Japan have been rising. Comparing January 2025 rates to one year prior, the 10-year gov...
Further Revision of Governance and Shift in Management Resource Allocation: Expanding the Scope of Growth Investment in the Japanese Stock Market
Review of 2025The Japanese equity market in 2025 experienced a broadly strong upward trend. The TOPIX (including dividends) rose +25.5% for the year, ...
AI-Powered Threats: How Cybersecurity Became a C-Suite Priority
Cybersecurity DamageIn recent years, cybersecurity incidents have continued to rise sharply. According to the 2025 Edition of the Information and Comm...
AI-Related Corporate Survey: Internal Training and Policy Status at 34 Listed Companies
At Cadira Capital Management, we conduct surveys after IR meetings with listed companies, focusing on topics such as sustainability-related initiative...
Japan's First Female Prime Minister: The Takaichi Administration and New Investment Opportunities
Japan’s First Female Prime MinisterIn October 2025, Sanae Takaichi was elected Prime Minister of Japan, marking the nation’s first-ever female head of...
Defining the Boundaries of Sustainable Investing in an Era of Expanding Defense Spending — Cadira’s Investment Policy
In recent years, rising geopolitical tensions have heightened the importance of the defense industry across the world. The North Atlantic Treaty Organ...
Japan’s Stewardship Code, Third Revision: Accelerating Collaborative Engagement Between Investors and Companies
In June 2025, Japan’s Stewardship Code underwent its third revision. The key points of this revision are to enhance the quality of collaborative engag...
Evolving IR Practices in Japan: Insights from Cadira’s Q2 2025 Survey
At Cadira Capital Management, we conduct ongoing surveys with listed companies following our IR meetings to gather feedback on their IR policies, the ...
Staying Grounded Amid Political and Trade Uncertainty in Japan
At Cadira Capital Management, we believe that while macro-level developments such as politics and trade can influence market dynamics, their unpredict...
Gender Reform as a Catalyst: What Sustainable Investors Should Watch in Japan
On June 11, the World Economic Forum released its Global Gender Gap Report 2025 (*1), in which Japan ranked 118th out of 148 countries.According to IM...
What GPIF’s Stewardship Reports Reveal About the Future of Investor Engagement
In recent years, M&A activity and activist investor engagement have been gaining momentum in the Japanese market. One of the driving factors behin...
From Disclosure to Dialogue: What We Learned from Publishing Our Progress Report 2024
Since the publication of our inaugural Progress Report 2024 in March, we have held discussions with a number of stakeholders such as the financia...
Aligning Incentives for Sustainable Growth — Results from Our Survey on Equity-Based Compensation
At Cadira Capital Management, our investment management team conducts post-IR meeting surveys with the companies we engage with. In addition to genera...
Agility Matters More Than Ever—The Impact of U.S. Tariff Policy and Implications for Japanese Equities
When the environment is highly uncertain, investors cannot rely solely on a company’s current business model or sector positioning. What increasingly ...
Governance Reforms and the Future of Japan’s Listed Subsidiaries: Unlocking Value through Transparency
Efforts to enhance corporate governance in Japan continue to advance steadily. The Tokyo Stock Exchange (TSE) has long urged listed subsidiaries and c...
On the Possibility of GPIF to engage in Impact Investing
Within Japan's impact investment community, there is growing discussion about the possibility of the Government Pension Investment Fund (GPIF) startin...
Acceleration of AI Investment and Its Impact
Massive AI Investments by HyperscalersMajor global IT companies, known as hyperscalers, are aggressively investing in AI. Microsoft has announced plan...
On the Publication of the Draft 7th Strategic Energy Plan
On December 17, the Ministry of Economy, Trade, and Industry (METI) of Japan released the draft of the 7th Strategic Energy Plan (*1). This plan outli...
Strengthening Human Capital: Insights from Cadira’s Investor–Company Dialogue
Cadira’s investment team conducts post-meeting surveys following IR meetings.These surveys include questions not only about the overall impressions of...
On Economic Rationale for Sustainability
This has been a year of many elections around the world. Looking back, it seems that support for populist policies has increased around the world. In ...
Trends in the US Housing Market
Housing was one of the key issues of the 2024 U.S. presidential election. Skyrocketing home prices and rents are having a serious impact on middle- an...
On Japan’s House of Representatives Election on October 27
Elections to the House of Representatives were held on October 27. The Liberal Democratic Party (LDP) lost a significant number of seats, from 53% to ...
On the 2024 LDP Presidential Election
On October 1, Shigeru Ishiba was sworn in as Prime Minister of Japan. Prior to this, on September 27, Japanese stocks fell and the exchange rate moved...
August Stock Market Volatility and Subsequent Outlook
The Japanese stock market plunged in the first half of August, with the TOPIX posting historic declines of -6.1% on August 2 and -12.2% on August 5, b...
On the Growth Potential of the Japanese Local Economy
Capital investment in Japan continues to expand. Looking back at capital investment in corporate statistics (excluding financials and insurance compan...
Our View on the TOPIX Revision Proposal
On June 10, 2024, the Japan Exchange Group announced a proposal to revise the TOPIX, Japan's benchmark stock index. There are three important points i...
Impact IPOs: Current Status and Challenges
Cadira Capital Management met with two companies that went public last year as "impact IPOs". Below is our summary of the current situation and challe...
On the Japanese Government's Support for Impact Investing
The Japanese government has been taking initiatives to promote impact investing. Following the release of the Impact Investment Guidelines in March 20...
On the Recent Weakening of the Japanese Yen
The yen-dollar exchange rate reached 160 yen on April 29, 2024. This is the yen's weakest level in 34 years. The Bank of Japan's policy of not raising...
On the Bank of Japan's Rate Hike
On March 19, 2024, the Bank of Japan decided to raise its policy rate from -0.1% to 0-0.1%. This is the first rate hike in 17 years since the Bank las...
On the Growing Interest in the Japanese Stock Market
On February 22, 2024, the Nikkei Stock Average reached a new market high for the first time in 34 years. This is a sign that expectations for the Japa...
Impact Integrated Value (IIV)
How can we effectively integrate both positive and negative impact when making investment decisions? At Cadira Capital Management, we have developed a...
Positive Impact Assessment
Integration of positive impact in corporate valuation poses significant challenges. For standardized indicators with established market prices, such a...
Our Investor Contribution
Engagement is a core activity essential to achieving our mission. It is conducted with the aim of making the investment chain more sustainable and mor...
Sustainable Companies
The Japanese stock market is in a situation where structural changes are creating new investment opportunities. In this context, Cadira Capital Manage...
Structural Investment Opportunity
At Cadira Capital Management, we believe that investor engagement will bring about a structural change in the Japanese stock market, enhance economic ...
Listed Equity Impact Investing: Challenges and Opportunities
An approach known as "impact investing" is becoming increasingly popular in the investment world. In this article, we'll look at the challenges and op...
Our Investment Philosophy
At Cadira Capital Management, we believe that "investing for sustainability" will deliver superior risk-adjusted returns over the long term. Our belie...
Our Views on Geopolitical Risks
The conflict between Israel and Palestine erupted on October 7th, raising concerns about geopolitical risks. At Cadira Capital Management, we do not t...
Perspectives on Equity Investing in a Declining Population
"Is there any reason to invest in countries with declining populations?"This is an unavoidable question for portfolio managers specializing in Japanes...
Our Comments to the “Draft Basic Guidelines on Impact Investment” by the Financial Services Agency of Japan
On June 30, 2023, the Financial Services Agency of Japan released the "Draft Basic Guidelines on Impact Investment" for public comment.[1] Cadira Capi...
Our Views on Exchange Rate Risks
The Bank for International Settlements (BIS) announced that the real effective exchange rate (*1) for August, with the base year being 2020(=100), was...
Our Bottom-up Approach to Listed Equity Impact Investing
At Cadira Capital Management, we take a unique bottom-up approach to impact investing in public equities, focusing on the fundamentals of companies an...
A message from our Chief Investment Officer
At Cadira Capital Management, our mission is "Connecting the Investment Chain and Beyond". Our goal is to create, through investment, a virtuous cycle...
