Accessible version Japan Equity Strategy Overview of 1Q results: Record earnings; market to focus on stock picking Investment Strategy 1Q results: Strong, broadening base of earnings recovery 1Q results were record-setting strong. RP grew 50.7% YoY and the number of companies raising their guidance was the highest since FY2016. The positive earnings surprise ratio surged to 72%, the highest level in the past 20 years. Share buybacks surpassed the record-high level set last fiscal year. Shift in interest rat ...