IN THIS ISSUE

• Macro Strategy — Japan in the New World Order: Japan's strong political consensus, market reforms, and recent outperformance signal the start of a new secular bull market after decades of stagnation.
  
  
• Market View — Global Equity Markets and the Tech Turmoil: Early 2026 Equity volatility has favored non‑U.S. markets due to value and cyclical exposure, while a still‑intact Artificial Intelligence theme supports a constructive outlook for both U.S. growth sectors and select International Equities.
  
  
• Thought of the Week — A Bull Market in Hard Power: Rising geopolitical tensions and widespread military modernization are driving a global arms race, as major economies significantly increase defense spending.