东京——越来越多的海外投资公司正在日本开设办事处。随着日本逐渐走出通缩局面，并开始实施一系列结构性改革，投资者们认为日本是一个更具投资潜力的目标市场。
TOKYO -- More overseas investment companies are opening offices in Japan, with investors coming to see the country as a more viable target as it exits deflation and structural changes take hold.
总部位于新加坡的对冲基金FengHe Fund Management于去年10月在东京的一家创业孵化器中设立了其首个日本办事处，并于7月底成立了当地分支机构，以加快招聘力度。该公司今年1月又新增了一名日本股票分析师，目前该办事处共有两名员工专门负责股票分析工作。FengHe Fund Management采用“多空股票投资策略”，主要关注科技类股票。
Singapore-based hedge fund FengHe Fund Management opened its first Japan office at a Tokyo business incubator last October and established a local affiliate in late July to ramp up local hiring. The company added a new Japan equity analyst in January, and now the office has a two-person team working on stock analysis. FengHe employs a long-short equity strategy focused on technology stocks.
该基金的首席执行官Kwek Hyen Yong指出，人工智能革命、日本国防支出的增加以及核能产业的复兴等结构性变化为投资者带来了丰富的投资机会。他强调，如今比以往任何时候都更加重视对个股的深入研究以及对公司基本情况的全面分析。
Kwek Hyen Yong, the fund's CEO, pointed to not only the artificial intelligence revolution, but also Japan's growing defense spending and the revival of nuclear energy as structural changes that offer diverse investment opportunities. It is more important than ever to bolster bottom-up stock selection and company research capacity, Kwek said.
韩国政府旗下的Korea Investment Corp.也于7月初在东京开设了办事处，这是该公司在海外设立的第六个办事处。该基金计划除了投资传统的股票和债券外，还涉足另类投资领域，同时致力于扩大其在日本的业务网络和增加投资机会。
South Korean government fund Korea Investment Corp. opened a Tokyo office in early July, the sixth outside its home country. The fund plans to handle alternative investments in addition to such conventional targets as stocks and bonds, working to boost its local network and expand investment opportunities.
这些新设立的办事处反映了越来越多的外国投资基金涌入日本的趋势。2021年，日本金融服务局（Financial Services Agency, FSA）专门设立了相关机构来协助这些投资基金在日本的注册流程，使得所有相关手续都可以用英语完成。截至今年9月，已有44家投资基金通过该机构在日注册——这一数字是2022年全年注册数量的四倍。
These new offices are part of a growing number of foreign investment funds entering Japan. In 2021, the country's Financial Services Agency set up an office to support the establishment of such branches, allowing procedural work to be completed in English. By September, 44 funds had used the office to set up in Japan so far this year -- four times the 10 in all of 2022.
据日本金融服务局官员透露，该办事处最初收到的咨询大多来自希望在日本提供咨询或代理服务的资产管理公司。他们表示，随着2023年日本治理改革的进一步深化，针对资产管理业务的咨询需求也在不断增加。
When first opened, many inquiries that the office fielded were from asset management companies thinking abouting to offer advisory or agency services in Japan, according to an FSA official. Following the bolstering of governance reforms in 2023, there has been a rise in inquiries about the asset management business, they said.
股价的强劲表现是导致这一变化的重要因素。截至周三，日经指数以美元计上涨了28%，涨幅远超美国主要股指的涨幅（标准普尔500指数仅上涨了13%）。全球人工智能相关股票的强劲表现也推动了日本股市的上涨。
Strong equities prices are a factor behind the change. The Nikkei Stock Average was up 28% in dollar terms since the end of 2025 as of Wednesday, significantly outpacing the growth in key U.S. indexes, including a 13% gain by the S&P 500. The broad-reaching effects of advances by global AI-linked shares have spurred on Japanese stocks as well.
英国巴克莱银行自2016年退出日本股市后，首次重新恢复了日本股票的经纪交易服务。
The U.K.'s Barclays is reviving broker-assisted trading of Japanese equities for the first time since leaving the market in 2016.
在东京证券交易所的推动下，日本的企业治理改革取得了进展，同时当地的通货膨胀率也在上升。
Corporate governance reforms led by the Tokyo Stock Exchange have made progress, and inflation here is on the rise.
“我们看到许多海外投资者正在考虑在日本设立办事处，以便能够与公司进行面对面的交流，并亲身体验该国的通货膨胀情况，”花旗集团市场销售主管中岛和弘（Kazuhiro Nakajima）表示。中岛称，自今年年初以来，该公司收到了大量关于日本股市的咨询，其中不乏来自美国投资者的询问，并且与外国投资者的会面次数也有所增加。
"We see many [overseas investors] considering opening offices in Japan so that they can actually meet with companies in person and get a firsthand sense of inflation in the country," said Kazuhiro Nakajima, head of markets sales at Citigroup. Since the start of the year, the company has fielded inquiries about the Japanese stock market, including from U.S. investors, and has had more meetings with foreign investors, Nakajima said.
基金管理领域的人才争夺战已经打响。自2011年起就在日本开展业务的美国公司Point72 Asset Management计划在未来几年内将其在日本办公室的员工人数增加一倍，达到约100人。
The scramble to secure talent in fund management has already begun. Point72 Asset Management, an American company with a presence in Japan since 2011, plans to double its head count at its office in the country to around 100 in the coming years.
Point72为大学生和经验较少的员工提供了分析师培训项目。该公司还聘请了招聘人员和培训师，专门负责寻找合适的应届毕业生。此前，这类招聘工作一直由香港的分公司负责处理。
Point72 has an analyst-training program for university students and less experienced employees. The company has hired recruiters, trainers and others to help discover undergraduates especially. Such hiring was handled by staff in Hong Kong until recently.
“在日本长期处于通货紧缩的状态下，金融行业对人才培养的重视程度一直很低，因此人才非常短缺，”该公司在日本的分公司负责人小川信二（Shinji Ogawa）说道。“由于我们的竞争对手也在争相招聘人才，我们希望更多地通过内部培训计划来培养新员工。”
"There had been little focus on talent development in the financial sector during Japan's long period of deflation, so people are in short supply," said Shinji Ogawa, the firm's Japan head. "With our competitors also racing to secure talent, we want to have more new hires that have come up through our internal training program."
“许多对冲基金希望将投资范围扩大到中小型股票，而不仅仅是大型股票，”招聘公司摩根麦肯利日本分公司（Morgan McKinley Japan）的高级总监熊泽良树（Yoshiki Kumazawa）表示。“企业正在招聘更多人员，以担任与企业投资者关系部门及管理层之间的联络人。”
"Many hedge funds want to broaden their investment targets to small- and midcap stocks, not just large caps," said Yoshiki Kumazawa, a senior director at staffing company Morgan McKinley Japan. "Companies are hiring more people as liaisons to corporate investor relations departments and management."