Methodology

To select the members of our 28th annual All‐Japan Research Team, Institutional Investor solicited opinions of directors of research and heads of investment firms with major securities holdings in Japan. We received responses from some 860 individuals at over 370 firms.

Participants rated their top firms in each sector and then separately rated individual analysts or economists/strategists at those firms to create two distinct rankings for each sector. A numerical score was produced by weighting each vote by the respondent’s Japanese equity commissions and the average rating awarded to create the Commission-weighted leader rankings. The same scores were weighted by each voting firm’s Japanese equity assets under management to produce the AUM-weighted rankings.

Using these scores, ranks were determined. Firms/analysts were designated runners‐up when their scores came within 35 percent of the third-place scores. For the analyst rankings, the cut-off date for individuals is the date of the survey opening (9th November 2020).

The individuals surveyed are kept confidential to ensure continuing cooperation. Voters are subject to eligibility requirements, and winners must achieve a minimum vote count. All ballots are subject to review by our Research Operations Group.

These results were compiled by Senior Project Manager Tucker Ewing, along with Xiao Lu and Michael Clemons.