Lazard Asset Management stated that the current decline of the Japanese stock market is an opportunity for investors after a very strong period. The company believes that the market has underestimated the long-term potential of structural change in the country. In the medium and long term, Lazard still holds a positive attitude towards the Japanese stock market because it believes that two key themes will continue to play a role: the improvement of corporate governance promotes the efficiency of capital and the increase of shareholder returns, and the transformation from deflation to inflation changes consumer behavior. Any progress in yields over the next few months should boost investor sentiment, and the Bank of Japan's rate hike would be a positive factor.