China International Capital Corporation (CICC): It is not recommended to excessively pursue high Japanese stocks in the short term. CICC pointed out that Japan's monetary policy may not undergo radical changes and can also be hedged after the Federal Reserve's easing. However, in the short term, it is still a "headwind", especially in the current situation of high valuations. The short-term market may face a "headwind" of growth and monetary policy, but the long-term "tailwind" is the expectation of structural changes and systemic changes in global investors' views on Japan's allocation. Maintain the standard configuration, and it is not recommended to excessively pursue high prices in the short term; The expectation of mid-term structural changes is particularly evident, as Japan remains undervalued globally.