Hiroyasu Sato

Tokio Marine Asset Management Co., Ltd. (TMAM) is the wholly-owned asset management subsidiary of Tokio Marine Holdings, Inc. (TYO: 8766, ADR: TKOMY) in Japan. Headquartered in Tokyo, TMAM was founded in 1985 and provides institutional fiduciary and investment management services to a broad audience comprising pension funds, financial institutions and sovereign wealth funds all over the world, and offers public investment trusts for individual customers in Japan.

Part of Daiwa Securities Group, Inc., Daiwa Institute of Research Ltd. conducts economic research and provides financial and investment advisory services. The company is based in Tokyo, Japan. The Japanese company was founded in 2008. Yoriyuki Kusaki has been the CEO of the company since 2016.

Daiwa Institute of Research Ltd. (DIR) is a research firm located in New York City. They are a subsidiary of the Japanese firm Daiwa Securities Group Co. Ltd. Their research is based on a respect for fundamentals, focusing on determining intrinsic values of companies and industries. DIR is in the first tier of Institutional Investors' All-Japan Research Team survey, as well as in the Nikkei Financial Dailys analyst ranking. DIR is renowned as an opinion leader in the Japanese financial industry. Their economists have been publishing 'Japan's Economic Outlook', based on original econometric modeling, quarterly since 1970. They publish opinion and commentary on economic policies, financial systems and structural problems in capital markets.