Asia Fund Manager Survey Tech is still king, but defensives are rising
- **AI Hedging Rotation**: 59% of fund managers shifting to value/cyclical/defensive sectors to hedge AI downside risk (vs.
- 41% vs.
- 20% prior), signaling market underpricing of AI-driven growth.
- **BoJ Rate Hike & FX Intervention**: 59% expect BoJ rate hike in September 2026; 55% identify USD/JPY 165 as key intervention trigger, critical for JPY exposure hedging.