Japan has maintained a persistent trade surplus with the US, though the broader reality is a long-term national trade deficit. Gerard Cawley, Fund Manager of the Polar Capital Japan Value Fund, provides an update on how global trade tensions are shaping the short-term outlook for Japanese equities.

He highlights autos and energy as key pressure points in US-Japan negotiations, and, as corporate reform continues across Japan, outlines where he sees potential for both long-term solutions and near-term investment opportunities.