Top Traders Unplugged

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

6 snips
Oct 21, 2026
Guest
Jesper Koll
Jesper Koll, a Japan strategist, macroeconomist and investor based in Japan since the 1980s, makes the bullish case for the country’s next economic chapter. They explore labor scarcity, rising wages, returning domestic savings, corporate reform and Bank of Japan normalization. The discussion also covers semiconductors, defense, energy security, AI, the yen and why Japanese equities could thrive despite modest GDP growth.
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ANECDOTE

How Japan Became The Japan Optimist

  • Jesper Koll became “Japan Optimist” when deflation and global pessimism dominated discussion.
  • His optimism rests on Japan’s creditor status, recurring balance-of-payments surpluses, and world-class engineering.
INSIGHT

Why Japan’s Debt May Not Be A Crisis

  • Japan’s public debt looks less dangerous when viewed alongside private savings and corporate cash reserves.
  • For every 100 yen of public debt, Koll says the private sector generated 140 yen of savings.
INSIGHT

Japanese Savings May Finally Be Coming Home

  • Higher domestic bond yields and better equity returns are beginning to redirect Japanese savings home.
  • Pension funds, insurers, and households are increasing allocations to JGBs and domestic equities after decades abroad.
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