Research Division - Associate, Equity Strategy (Tokyo)

About the Role
We are seeking an Associate to join the Japan Equity Strategy team in Tokyo. The team provides top-down research on the Japanese equity market to domestic and global institutional investors, focusing on the market outlook and on investment strategy across sectors, styles and themes.
As a core member of the team, you will build and maintain the analysis that underpins the team's views and help turn market developments into clear investment conclusions. You will also support the team's dialogue with clients in Japan and overseas.
The role suits someone who combines analytical discipline with a strong interest in how Japan's macro environment, corporate reform and investor flows shape equity-market outcomes, and who can explain conclusions clearly in both Japanese and English.
Key Responsibilities
## Market Outlook and Investment Strategy
* Support the team's market outlook, including TOPIX and Nikkei 225 targets, the earnings and valuation assumptions behind them, and sector, style and factor positioning.
* Help translate the team's views into actionable ideas, such as sector overweights and underweights, thematic stock screens and baskets, and model portfolios, and track their performance over time.
* Assess what the market is pricing in, using valuation frameworks (e.g., forward P/E, P/B relative to ROE, equity risk premium) alongside scenario and sensitivity analysis.
## Macro, Policy and Structural Change
* Analyze the domestic macro and policy drivers of Japanese equities, including Bank of Japan policy and interest rates, inflation and wages, the yen and fiscal policy.
* Assess how global developments affect Japanese equities, including US monetary and trade policy, the Chinese economy, the global semiconductor and capex cycle, and geopolitical risk.
* Evaluate the market impact of corporate reform, including the Tokyo Stock Exchange's request for management that is conscious of cost of capital and stock price, cross-shareholding unwinds, shareholder returns, and M&A and activism.
* Analyze structural shifts in household and institutional asset allocation, including NISA-driven retail flows, pension fund allocation, domestic financial institutions and the Bank of Japan's ETF holdings.
## Earnings and Corporate Fundamentals
* Monitor corporate earnings, company guidance, consensus revisions, margins and capital allocation, particularly during quarterly reporting seasons, and maintain market-level analysis such as aggregate TOPIX EPS forecasts, revision indices and yen sensitivity.
* Work with the Firm's company analysts to translate company-level developments into market and sector implications, drawing on primary disclosures such as earnings releases (kessan tanshin), annual securities reports and medium-term management plans.
## Flows, Positioning and Market Structure
* Track domestic and overseas investor flows and positioning using exchange and Ministry of Finance data (e.g., trading by investor type, futures, margin trading, short selling), together with sentiment and market breadth.
* Monitor style and factor rotations and equity supply and demand, including buybacks, equity issuance and index rebalances, to identify emerging risks and opportunities.
## Models, Data and Research Infrastructure
* Build, maintain and improve the models, databases, charts and dashboards behind the team's recurring products, with a high degree of accuracy, systematic data validation and clear documentation.
* Use AI, automation and programming tools responsibly and in line with Firm policies to raise productivity, data quality and the consistency of recurring workflows, and to support idea generation.
## Publishing and Client Engagement
* Draft and edit research reports, presentations, market updates and client materials in Japanese and English, with clear conclusions, well-designed charts and explicit investment implications.
* Prepare for and take part in meetings, calls, seminars, webcasts and marketing trips with domestic and overseas institutional investors.
* Respond promptly and accurately to client and internal requests for bespoke analysis, data and charts, often under tight deadlines and in fast-moving markets.
## Collaboration and Conduct
* Work closely with company analysts, economists, quantitative strategists, sales, trading and global strategy colleagues, and contribute a Japan perspective to regional and global strategy discussions.
* Maintain the highest standards of integrity, confidentiality and research independence, and comply with applicable regulations and Firm policies, including those on information barriers, material non-public information and research communications.
Required Qualifications
* Bachelor's degree or equivalent with a strong academic record. Relevant disciplines include economics, finance, accounting, mathematics, statistics, engineering and computer science.
* Proven analytical and problem-solving ability, including the capacity to synthesize large amounts of information, separate signal from noise and reach a reasoned view.
* Sound understanding of financial statements, corporate earnings and valuation, and of how macro variables such as interest rates and exchange rates feed through to earnings and share prices.
* Strong interest in Japanese equities, the economy, policy and corporate strategy, and in global financial markets, demonstrated through study, work or independent research.
* Excellent written and spoken Japanese, with the ability to produce precise, concise and client-ready materials.
* Professional working proficiency in English, sufficient to read global research, communicate with overseas colleagues and clients, and contribute to English-language publications.
* Advanced Excel and PowerPoint skills, comfort working with large datasets and strong overall digital literacy.
* Strong attention to detail, ownership and reliability, with the ability to manage multiple priorities on a market-driven schedule, including early-morning deadlines and peak periods around earnings seasons and major policy events.
* Excellent teamwork and interpersonal skills, with the confidence to ask questions, challenge assumptions constructively and act on feedback.
* Willingness to obtain any regulatory qualifications or registrations required for the role after joining (e.g., the JSDA sales representative qualification).
Preferred Qualifications
* Experience in equity research, investment strategy, asset management, investment banking, markets, consulting, economics, data analysis or a related field.
* Experience with market and financial data platforms such as Bloomberg, FactSet, QUICK or Nikkei NEEDS, and with statistical or quantitative analysis.
* Programming skills in Python, R, SQL or VBA, particularly for data processing, back-testing, automation and visualization.
* Practical experience using generative AI, automation or advanced analytical tools to improve research quality and workflow efficiency.
* Familiarity with Japanese corporate governance, capital policy, investor relations and disclosure practices, and with how domestic and overseas investors participate in Japan's equity market.
* CFA charter or SAAJ CMA designation, or progress toward either.
Core Attributes for Success
Attribute
Investment judgment
Forms a clear view, understands the counterargument and what would change the view, and links analysis to an investable conclusion.
Curiosity and learning agility
Explores new data, technologies, sectors and market frameworks, and gets up to speed quickly on unfamiliar topics.
Communication
Explains complex ideas logically and succinctly, adjusting depth and format to the audience.
Collaboration
Builds trust across functions and regions, and contributes to the effectiveness of the wider research franchise.
Execution
Delivers accurate, polished work on time, and stays composed during market volatility or heavy workloads.
Commercial awareness
Understands what institutional clients need and why, and looks for ways to make the research more relevant, differentiated and actionable.
What Success Looks Like in the First Year
By the end of the first year, a successful Associate:
* Owns one or more of the team's recurring products or datasets, such as earnings revision, flow and positioning, or valuation monitors, and has improved their accuracy, efficiency and insight.
* Contributes analysis, charts and drafted sections to the team's main publications, including market outlooks and thematic reports.
* Is a reliable point of contact for data and analysis requests from sales, clients and colleagues.
About the Research Platform
The Japan Equity Strategy team is part of the Firm's global research platform. It draws on company research, economics, quantitative analysis and market intelligence to help institutional clients understand the outlook for Japanese equities and position their portfolios. The Associate will work closely with senior strategists, sector analysts and global colleagues and engage directly with institutional investors, building analytical expertise and client-facing skills and taking on more responsibility over time.
Equal Opportunity and Conduct
The successful candidate is expected to uphold the Firm's standards of integrity, professional conduct, risk management and respect for diverse perspectives. The Firm is committed to equal employment opportunity. Employment decisions are based on role-related qualifications, skills and experience, in line with applicable laws and Firm policies.
日本株ストラテジー アソシエイト
ポジション概要
東京の日本株ストラテジーチームにて、アソシエイトを募集します。当チームは国内外の機関投資家に向けて日本株市場に関するトップダウンのリサーチを提供しており、市場見通しと、セクター・スタイル・テーマの観点からの投資戦略を中心に発信しています。
アソシエイトはチームの中核メンバーとして、投資判断の土台となる分析を構築・運用し、市場の動きを明確な投資結論へと落とし込む役割

Work arrangement
onsite