Wall Street Week Japan’s New Horizon: Investment Opportunities, Corporate Transformation and the Private Capital Boom
Feb 21, 2026
Hiroki Totoki, Sony CEO steering the company into entertainment and strategic private-capital deals. Hiromi Yamaji, Group CEO of Japan Exchange Group driving governance and profitability reforms. Marc Rowan, Apollo CEO and private-markets investor eyeing large-scale opportunities. They discuss corporate transformation, private capital funding major projects, market reforms and how financial structures are shifting in Japan.
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Generational Shift Is Rewriting Japan
- Japan's generational change spans corporate governance, interest rates, and policy, driving fresh economic dynamics.
- Marc Rowan says reflation and reforms are creating a 'new swagger' that breaks the 30-year stagnation narrative.
3% Inflation Changes Asset Logic
- Inflation near 3% forces households and companies to rethink holding cash as a default strategy.
- Eiji (A.G.) Ueda says cash becomes the worst asset to hold when inflation returns.
Make Management Explain Capital Efficiency
- Push management to improve capital efficiency and explain low PBR or trading below book value to investors.
- Hiromi Yamaji recommends transforming management mindset and using PBR as an indicator of progress.