Nomura sees Nikkei 225 at 20,500-21,000 end-2017

Recovery in earnings, a lower yen, a relatively attractive valuation ratios, favorable technicals (higher demand for Japanese equities), continued support from BoJ, a rebound from capex and high cash distribution potential might be the main driver of a pursuit of the rebound in Japanese equities in 2017, according to Matsuura Hisao, Nomura’s chief strategist.

Source: Nomura

Source: Nomura

The election of Donald Trump triggered a significant rally in TOPIX (see Bloomberg’s chart) and there is still around 8% upside to Japanese equities going forward, based on Nomura’s target.

Source: Bloomberg

Source: Bloomberg

 

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