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Still bullish on Japanese equities, citing favorite value investors' deployment in U.S. private equity or Japanese public equities and calling these target-rich environments.

He says Korean and Taiwanese AI hardware companies are exposed twice over. They may not get the AI capex revenue they were promised, and President Trump pushed them to build US capacity that may go unused. These companies used two or three years of cash flow to expand aggressively, which makes them long-duration AI plays and drives institutional panic in Korea, Taiwan and Japan. He also calls the rebound fragile because professionals are exiting and the buyers are state funds, company buybacks and local retail investors.

Clark calls Japan the one market he likes. Elsewhere, younger voters push to keep house prices down, but Japan, after its long stagnation, seems comfortable with asset inflation and rising property prices. He argues Japan's stagnation was politically driven by the US capping its semiconductor industry in the 1986 agreement. Now that China is the adversary, Japan is again an acceptable and geopolitically attractive place to build fabs and a new semiconductor industry, so he expects inflation and growth there. He also sees Japan, along with Europe, welcoming data centers as it moves to pro-growth policies.