Naoya Nishimura

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Naoya Nishimura

Naoya Nishimura
Vice President, Equity Solutions Research

About the Contributor

Naoya Nishimura is a Vice President in the Equity Solutions Research team. He works with asset owners and managers on using MSCI indexes and analytics. Previously, Naoya was an investment strategist and portfolio manager at T&D Asset Management and Resona Bank. He started his career at Sumitomo Mitsui Banking Corp. Naoya holds a B.S. from Kyoto University and an MBA in Finance from Hitotsubashi University. He is a CFA Charterholder.

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Blog posts by Naoya Nishimura


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  1. Some observers are concerned that when the Bank of Japan (BOJ) eventually ends its ultra-easy monetary policy, it could hurt the Japanese stock market. Part of this concern stems from the fact that the BOJ’s unconventional monetary policy involves purchasing Japanese exchange-traded funds (ETFs).

  2. The Japanese equity market’s spectacular crash in the early 1990s is referred to as the “lost decade.” Recently, this period has been extended to include the decade that followed. Despite this, most Japanese investors continue to favor an outsized domestic equity allocation. This home bias has come with a huge opportunity cost. Since the end of 1987, the cumulative return of global stocks was over 1,400% in yen terms, while the cumulative return of Japanese stocks was only 49%.