GM108: Maybe Japan Is Finally Changing for Real ft. Jesper Koll

Alan Dunne is joined by longtime Japan strategist Jesper Koll to explore why Japan may be entering one of its most important economic shifts in decades. Jesper explains why demographics and government debt are less threatening than many investors assume, and how labor scarcity, rising wages and corporate reform are reshaping the economy from within. They discuss the return of domestic capital, Bank of Japan normalization and the government’s push into semiconductors, defense and energy. Jesper also makes the case that Japan’s broad economic expansion, industrial strength and accelerating corporate consolidation could make it unusually resilient in a world increasingly dominated by the AI cycle. ----- 50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE ----- Follow Niels on Twitter , LinkedIn , YouTube or via the TTU website . IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here . And you can get a free copy of my latest book “ Ten Reasons to Add Trend Following to Your Portfolio ” here . Learn more about the Trend Barometer here . Send your questions to info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast. Follow Alan on LinkedIn. Follow Jesper on Substack. Episode TimeStamps: 00:00 - Introduction and the optimistic case for Japan 02:10 - How Jesper built a career around Japan 04:12 - Why Japan’s underlying strengths are often overlooked 07:12 - Demographics, labor scarcity and rising productivity 11:04 - Why Jesper doesn’t see Japan’s debt as a crisis 13:34 - Is Japanese capital finally coming back home? 17:15 - Takaichi, industrial policy and the next phase after Abenomics 22:17 - Why the Bank of Japan may start moving faster 25:46 - The yen, carry trades and the risk of a stronger currency 33:51 - Japan’s push into semiconductors, defense and industrial policy 38:18 - Energy security and Japan’s next major investment challenge 40:31 - Why Japan is taking a different approach to AI 44:18 - Could Japan outperform if the US AI boom slows? 47:16 - What the West can learn from Japan 52:35 - Corporate reform, generational change and consolidation 57:19 - Where Japanese rates could go next 58:16 - The key signals investors should watch from here Copyright © 2025 – CMC AG – All Rights Reserved ---- PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey: 1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here 2. Daily Trend Barometer and Market Score One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here 3. Other Resources that can help you And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here Privacy Policy Disclaimer