The Tokyo stock market has been the worst performing major equity market year-to-date, in part because Japan's exporters have been hit hard by tariffs. Toyota, the country's largest company, is down 16%. The Nikkei 225 stock index is off about 12%.
What's missing in this picture is a Japan that is often overlooked, a Japan of companies that aren't so reliant on overseas demand, those that sell domestically or are in businesses otherwise insulated from tariffs on goods.
Brewers, bakers and utilities are some of the companies that tend to hold up better when the export economy is under threat. Retailers and railroads also do well, while analysts are especially bullish on entertainment stocks in this environment.
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