The single cleanest expression of capital and people migrating from Europe to Japan: selling the euro against the yen captures both relative growth divergence and the safe-haven flow into Japanese assets. As foreign capital rotates into Tokyo and Europe stagnates, the yen should structurally outperform the euro.

A paired relative-value trade: go long Japanese stocks while shorting Eurozone stocks to isolate the divergence and strip out broad global beta. Japan benefits from inbound capital, corporate governance reform and reshoring, while Europe suffers from regulatory drag and weak productivity.

A direct long on Japan capturing foreign capital inflows, governance reform and the wealth-magnet thesis, with the currency hedged so gains come from equities rather than yen direction. If foreign money seeks stability in Japan, the Nikkei and TOPIX are the primary beneficiaries.

The short leg of the thesis: betting Europe's overregulation and stagnation drag down its blue-chip index. Shorting the Euro Stoxx 50 directly expresses European decline relative to a more dynamic Japan.