治理改革后的日本：回购、贸易公司、日元敏感性

Objective: A balanced yen portfolio of 12 Tokyo-listed companies to translate TSE's governance push (cross-shareholding easing, record activism in Nikkei Asia Index, August 25, 2026) into total shareholder returns through buybacks and dividend increases. The term is 3 years, the risk level is balanced; the situation as of October 4, 2026: the Nikkei 225 index is at 68,309, the policy rate is 1.25% after the Bank of Japan raises interest rates on September 18, 2026 (Reuters), USD/JPY 157.8. The currency risk is obvious: the base currency is the yen, so non-yen investors bear the full yen risk - a yen rise driven by the Bank of Japan will boost yen returns but hurt exporters here (Toyota, Sony, Tokyo Electronics), while banks and insurance companies benefit from rising domestic interest rates. Rules: Maximum 12% per position, trimmed names after +35% in 12 months, only added within buy zone, reviewed after each BoJ meeting. This is not a clone of the yen-hedged index, nor is it a pure exporter bet.