伯恩斯坦：2026年日本视频游戏：接受是改变的第一步？（英文版）

ontinued to be a frustrating year for our Japan Video Gaming coverage. While the companies we like continue to do well fundamentally, market flows dominated by AI capex spend and geopolitical omnishambles have continued to contribute to multiple compression… and investor sentiment bordering on resignation. This note represents our latest quarterly look at sector risk-reward, and a summary of our takeaways after a series of meetings with our coverage companies. Capcom and Konami taking care of