Recent volatility in the Tokyo stock market has presented a significant challenge to Prime Minister Fumio Kishida's initiative aimed at transforming Japan from a nation of savers into a nation of investors. This shift is deemed essential for addressing the economic challenges posed by Japan's rapidly aging population. The market experienced its largest decline since 1987, prompting discussions among investors and analysts about the importance of bottom-up stock picking in the current climate of economic uncertainty. Bernstein has indicated a preference for defensive stocks amidst this ongoing volatility, as fears surrounding the economy continue to trigger fluctuations in market performance.