TOKYO -- Seiji Izumisawa, the CEO of Japanese conglomerate Mitsubishi Heavy Industries, was on the defensive at a media roundtable in late 2021. The market capitalization of the company, which makes everything from forklift trucks to fighter jets and nuclear reactors, had stagnated at historic lows after a wave of unprofitable projects sapped investor appetite for its shares.
Fast forward 12 months and the mood was very different at a similar year-end event. Stock in the company had doubled in price, making it one of the best-performing large-cap names in Japan and one of the most talked-about industrial investments in the country.
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