Bears Vanish as World-Beating Japanese Stocks Set for More Gains
- Analysts expect Japanese stock indexes to rise as much as 15%
- Citi’s Sakagami now sees Nikkei rising, dropping bearish view
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Even one of the most bearish strategists on Japan’s Nikkei 225 Stock Average has now capitulated, making it hard to find someone on Wall Street who isn’t positive on the market heading into 2024.
The Nikkei will rise to 37,750 and the benchmark Topix to 2,650 by the end of next year, suggesting another 12-15% of upside for the country’s stocks, according to the median estimate of analysts compiled by Bloomberg News. One notable bear, Ryota Sakagami at Citigroup Inc., switched his view and now expects the Nikkei to reach 39,000.