2020 Performance S&P 500 MSCI World 2020 Nikkei Index YTD 21.0% 16.6% 14.9% A long-time 13D theme since October 2012 (see WILTWs October 4, 2012, and November 1, 2012), Japan is now increasingly emerging as an inflation beneficiary, as we noted in WILTW November 19, 2020: “Falling long-term bond yields have been driving down value stocks for years—represented by Japanese equities and banking stocks around the globe—but the reversal in yields is now driving-up the valuations of those same stocks.” In early December, the Nikkei Index reached 26,894—its highest level in 30 years. Year-to-date, the Nikkei Index returned 21.0% in the dollar terms, beating the year-to-date performance of the S&P 500 Index of 16.6% during the same peri...