In my last essay dated 2015 Oct 25, I tabulated the nominal GDP Per Capita of Singapore as US$53,800 in 2014 versus US$32,100 for Japan, a gap of 68%.

On the surface it may seem like Singapore is now a far more successful economy than Japan. This is astounding for all the people of Generation X and older because we all grew up looking to Japan as a superior economy.

However, upon deeper reflection and calculation, I discovered that this isn’t quite true.

David Fuller's view

Here is Bernard Tan's letter.

This report will be of interest to any investor who has a portion of his equity assets in the Far East.  

With improved governance but a smaller population, Japan is reinventing itself following two decades in the dark shadows of deflation.  I maintain we are in the early years of a new secular bull market for Japan.  A key driver will be Japan’s expertise in technology, which remains second only to the US.