RBC BlueBay Asset Management is keeping its bullish stance on Japanese AI-related stocks, expecting the rally that began in 2025 to extend into 2027, while flagging a near-term pullback risk around July and August.
June 2026 · RBC BlueBay Asset Management
Bullish on Japan's AI Stocks — Through a Summer Dip, Into a 2027 Rally
The firm is trimming near-term positions to guard against a temporary correction around July–August 2026, while keeping its medium-term bull case on Japan's AI supply chain intact.
Near-term risk
Jul–Aug
2026 window for a possible correction as cloud CapEx growth may peak
Medium-term view
2027
Rebound expected on policy support before US midterms
Nikkei 225 — the forecast path
Median analyst targets (Reuters poll, May 2026)
A pace of gains that has outrun other Asian markets.
Structural tailwinds cited
Governance reform
EPS growth
Relative undervaluation
Foreign net buying
Global AI CapEx
AI-related names in focus
SoftBank Group
Lifted by AI investments via Vision Fund (OpenAI-related)
Advantest · Tokyo Electron
AI chip and test-equipment demand
Socionext
Chip design, up on AI exposure
Renesas · TDK · Lasertec
Key AI supply-chain plays
The bull case
Barclays calls Japan the best AI value in Asia; Daiwa sees the AI theme — including physical AI and AI agents — broadening through 2026.
The caution
With gains outpacing expectations, watch for short-term volatility — a summer correction and policy risk into the US midterms.
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