Global Rotation Underway: Hervé Van Caloen on Japan’s Revival, Semiconductors, and Defense Spending

In this episode of Lead-Lag Live, I sit down with Hervé Van Caloen**, Owner and Portfolio Manager at **Mercator Investment Management, to break down why global markets outside the United States are entering a powerful new phase of leadership.

From Japan’s aggressive stimulus and corporate reform push to structural dominance in semiconductors, defense technology, space, and energy infrastructure, Van Caloen explains how capital is rotating toward regions and industries aligned with long-term geopolitical and economic realities.

In this episode:
– Why Japan’s stock market continues to hit record highs
– How semiconductors have become global oligopolies with pricing power
– Why defense and space spending are entering a multi-year upcycle
– How infrastructure and electricity demand are driven by AI growth
– Why global diversification may matter more as U.S. valuations stretch

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