Huatai Securities: Pay attention to the risk of Japanese stock/yen fluctuation, policy vacuum period may bring uncertainty

Jinshi data news on October 29th, Huatai Securities said that we believe that 1) before a new majority party coalition is formed in the Japanese parliament, Japan may experience a policy vacuum period; 2) during the vacuum period, the possibility of the government/Central Bank launching new economic policies, adjusting Intrerest Rate policies is low, which may lead to pressure on Japanese stocks and the yen to US dollar Exchange Rate. By comparing the main policies of Japanese political parties, we believe that the parties are relatively consistent in supporting the development of the semiconductor industry, but there are differences in military and nuclear energy policies. It is recommended to pay attention to the possibility of zone Fluctuation. If Japan experiences a long policy vacuum period before forming a new majority party coalition, it may bring certain uncertainty to the yen to US dollar Exchange Rate and the Nikkei index price.