Japan's equity market is more diversified and less volatile than Korea's, and its tech exposure compensates for yen weakness. Investors can gradually add Japanese equities, avoiding the overheating and leverage issues seen in Korea.
AI cycles historically see semiconductors lead first, followed by applications. Internet stocks are next to benefit from volume growth and a more mature AI adoption phase, making them the preferred area now as semiconductors turn more defensive.
Gold performs well when central banks keep adding it to reserves, as they are doing now. Despite short-term sensitivity to the dollar and real yields, the long-term trend of central bank buying makes gold a core portfolio diversifier.