摩根大通：亚太地区投资策略-全球通胀环境下的投资策略（英文版）（60页）.pdf

1、Asia Pacific Equity Research12 January 2022 Investment Strategies in a Global Inflationary EnvironmentBottom-up Stock Selection in 18 Related SectorsJapan Equity ResearchRetailDairo Murata AC(81-3) 6736 Bloomberg JPMA MURATA Qianqian Pu(81-3) 6736-Ryota Sakagami(81-3) 6736-Europe ESG & Sustainabilit

2、y Research Tomotaro Sano(81-3) 6736-Mio Shikanai(81-3) 6736 Hao Xin(81-3) 6736 Chika Fukumoto(81-3) 6736-Akira Kishimoto(81-3) 6736-Tomohiko Sano(81-3) 6736-Junya Ayada(81-3) 6736 Masashi Itaya(81-3) 6736 Ryota Himeno(81-3) 6736-Keishi Ueda(81-3) 6736-Rie Nishihara(81-3) 6736-Wataru Otsuka(81-3) 673

3、6-Akiko Kuwahara(81-3) 6736-Naoko Saito(81-3) 6736-Ami Yoshida(81-3) 6736 JPMorgan Securities Japan Co., Ltd.See page 55 for analyst certification and important disclosures, including non-US analyst disclosures.J.P. Morgan does and seeks to do business with companies covered in its research reports.

4、 As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment In the Japanese stock market, we expect the trends and impact of global inf

5、lation to continue to attract attention as an investment theme from 2022. From a macro perspective, Japans consumer price index (CPI) has been rising slower than the domestic corporate goods price index (DCGPI) and the gap has been widening, but we expect an uptrend for the CPI as well, due in part

6、to the rise in global commodities and energy prices and yen depreciation trends. We forecast Japans core CPI to rise close to 1% YoY in 2022, while a weaker yen will benefit the Japanese economy overall, but less so than in the past due to such factors as globalization of production. Depending on fu