Methodology

To select the members of our 27th 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 more than 826 individuals at 365 firms. The names of individuals surveyed are kept confidential to ensure their continuing cooperation.

This year, 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. The same scores were weighted by each voting firm’s Japanese equity assets under management to produce the AUM-weighted rankings.

Using those scores, ranks were determined. Firms/analysts were designated runners‐up when their scores came within 35 percent of the third-place scores.

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 Associates Xiao Lu and Michael Clemons.