The land of the rising return: Forager in Japan (Podcast)

In the latest Stocks Neat episode, Gareth Brown, Isabella Foley and I dive into Japan’s corporate transformation — from shareholder returns and buybacks to digitisation and the demographic shifts reshaping opportunities.

With Japan now a significant part of the international portfolio, we share where we’re finding value and why some of the most interesting ideas are hiding in plain sight.

“It’s been like a snowball that’s been pushing across a flat surface for a long period of time. It’s finally started to gather some momentum.” Steve Johnson

[00:00:39] – Japan’s Investment Evolution
Steve Johnson and Gareth Brown open the episode, reflecting on Forager’s history investing in Japan, the long journey of corporate reform, and how the Tokyo Stock Exchange’s governance push has ignited real momentum for shareholders.

[00:04:59] – The Snowball Effect: Japan’s Reform Gathers Pace
Steve and Gareth discuss the surge in buybacks, the growing role of retail investors, and how cultural and structural shifts are making Japan a far more shareholder-focused market than in past decades.

[00:07:45] – Digitisation and the 2025 Cliff
Gareth welcomes analyst Isabella Foley to explore how Japan’s tightening labour market and ageing population are accelerating adoption of digital tools; from accounting software to no-code platforms tackling inefficiencies.

[00:16:34] – Labour and Healthcare Themes
Bella explains how ageing demographics are reshaping employment and healthcare. They dive into Visional’s mid-career job platform and eWeLL’s software for home nursing, showing how tech-enabled efficiency meets social need.

[00:22:49] – Tailwinds, Valuation, and Long-Term Playbooks
Steve returns to wrap up, connecting Japan’s macro tailwinds with Forager’s bottom-up process and how lessons from Japan’s transformation could influence investment approaches in other markets.

Explore previous episodes here. We’d love your feedback. If you like what you’re hearing (and what we’re drinking), be sure to follow and subscribe – we’re doing this every quarter.