Naoki Matsuzawa

Naoki Matsuzawa serves as Chief Japan Macro Strategist at Nomura Securities, one of Japan's most prominent investment banks. His analysis of Bank of Japan policy, Japanese Government Bond (JGB) markets, and macroeconomic conditions is widely distributed to institutional investors globally through Nomura's research network. His views on when and how the BOJ might normalize its ultra-loose monetary policy — including exiting yield curve control and negative interest rates — are closely followed by fixed income investors with Japanese market exposure. The end of the BOJ's yield curve control in 2024 and the normalization of Japanese rates made research like Matsuzawa's essential for navigating significant market changes. His work on Japanese wage dynamics, corporate governance reform, and the interaction between demographic trends and domestic savings rates provides institutional investors with a comprehensive framework for assessing long-term JGB valuations and yen fundamentals.