Price targets for Japanese stocks have risen more than any other major market over the past three months, stoking the rally in the nation’s equities.
Japan has emerged as a winner as robust earnings results and the prospects for a solid domestic economic recovery underpin analysts’ bullish calls, while rising valuations on Wall Street shares are also seen justifying higher multiples for Japanese stocks.
“You can be bullish at least until the end of this year,” said Yusuke Maeyama, researcher at NLI Research Institute. The price target revisions show how “analysts have been reacting positively to earnings” which are looking pretty good now, he said. The BOJ’s latest survey showed that sentiment among large Japanese companies has improved, and that they plan to increase capital spending in the current financial year to March.
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