麦格里集团-日本宏观策略-japan macro-strategy：entrepreneurs high roes-20170627-macquarie.pdfVIP

JAPAN Japan macro-strategy TOPIX and MSCI AC Asia-ex (in US$, Entrepreneurs High ROEs indexed to 100 as of start 2011) 140 (Jan11=100) We believe investors need to rotate into companies with high ROEs, with 130 MSCI AC Asia ex JP sectors dominated by founder entrepreneurs, Biotech and the Internet, an area TOPIX 120 worth investigating for investme