Company Profile

Company name
Musha Research Co., Ltd.
Ryoji Musha
3912 Shinagawa V-tower
2-16-7 Konan, Minato-ku, Tokyo
108-0075, Japan [MAP]
Date of establishment
1st Jul, 2009
Provision of research reports and other information for economic and financial market analysis and determination of medium and long-term outlooks

Biography of Ryoji Musha

Jul 2009
Established Musha Research Co., Ltd.
Advisor, Deutsche Securities Inc.
Advisor, Deutsche Asset Management (Japan) Ltd.
May 2005
Vice Chairman and Chief Investment Advisor of Deutsche Securities
Jan 1997
Joined the Research Department of Deutsche Securities as general manager and chief strategist
May 1993
Chief Analyst and General Manager of the Equity Research Department of Daiwa Institute of Research (DIR) Japan
Jan 1988
Chief Analyst and Research Director of DIR America for the US macro economy, micro economy, and financial markets
Mar 1973
Joined the Research Department of Daiwa Securities Co. as a sector analyst for the textiles, construction, real estate, automobile, and electronics sectors (In 1989, the research department of Daiwa Securities was renamed as Daiwa Institute of Research after reorganized as an independent entity in 1982)
Mar 1973
Graduated from Yokohama National University with a major in economics
Mar 1968
Graduated from Nagano High School
Sep 1949
Born in Nagano Prefecture
  • Ranked #1 in Japan equity strategy in the 2002 and 2003 Institutional Investor poll
  • Served as the head of the Overseas Section of the Cabinet's Economic Analysis Deliberation Team, a member of the Cabinet's International Economic Research Committee, a member of the Ministry of Finance's International Fund Flow Research Committee, and a member of the consulting committee of the Institute of Energy Economics
  • Served as a part-time lecturer at the Economics Department of Shinshu University in 2002 (Course title: "Japanese economic theory and forecasting share prices in the practical economy")
  • Currently serving as a Visiting Professor at Saitama University Graduate School

Major books written by Ryoji Musha

  • Post  Covid 19  Global Economic Recovery will be V-shaped
  • The biggest "economic boom" in history is coming Five reasons to be optimistic about the future of Japan(Jun 2018) ,Kadokawa Shoten
  • U.S. To Be The Economic Winner And China To Be The Sole Loser(Aug 2017) ,Kodansha
  • 超金融緩和の時代(2013年) 日本実業出版社
  • 日本株「100年に1度」の波が来た!(2013年) 中経出版
  • 「失われた20年」の終わり -地政学で診る日本経済-(2011年)東洋経済新報社
  • 日本株大復活(2009年7月)PHP研究所
  • 新帝国主義論(2007年4月)東洋経済新報社
  • アメリカ 蘇生する資本主義(1993年)東洋経済新報社

Overview of Services

Top-down macroeconomic strategies

  • Medium and long-term market forecasts based on global macroeconomic analysis and provision of asset allocation strategies (primarily for Japanese equities)
  • Provision of database for establishment of global macroeconomic strategies
  • Scenarios for the global economy and financial markets
  • Investment ideas and key points based on qualitative analysis
  • The Musha approach: Outstanding logic and complete independence

All Musha Research reports and other information reflect the principles of adhering to consistent logic, reaching conclusions based on our own beliefs, and using a viewpoint that incorporates history and a global perspective.

  1. Establish a hypothesis
    ⇒We retain a tight focus on establishing the most persuasive hypothesis based on global, long-term economic data and a historical perspective.
  2. Reach conclusions that include no speculation
    ⇒We use hypotheses to eliminate preconceptions and any conflicts of interest in order to create the most logical outlooks and strategies (solutions). Forecasts and investment strategies are revised only when a hypothesis has been revised. Adopting this approach ensures that all conclusions are firmly rooted in facts and logic (hypotheses), thus maintaining consistency and coherency.
  3. Use a checking process to rebuild hypotheses
    ⇒We use the accuracy of past forecasts to verify the persuasiveness and suitability of a hypothesis for the purpose of ensuring that we are always using the most persuasive hypotheses. We firmly believe that using past experiences, whether a success or failure, is vital to establishing the most persuasive hypotheses.