Unabated yen depreciation, higher interest rates and prices: Maintaining a bullish stance on Japanese stocks as the Nikkei Average heads above ¥80,000, Tsuboi Yugo (坪井裕豪)

Japanese stocks are expected to remain bullish from the second half of fiscal 2026 onward. Daiwa Securities assumes a Nikkei Average level of ¥80,000 at year-end 2026 and ¥83,000 at end-March 2027, and forecasts that EPS will increase to around ¥4,162 assuming the yen is around ¥155 to the US dollar.

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The story

The author remains bullish on Japanese stocks in the second half of fiscal 2026.

Daiwa Securities assumes that the Nikkei Average will reach ¥80,000 at year-end 2026 and ¥83,000 at end-March 2027.

The premise is that corporate earnings growth will continue. Assuming the yen is around ¥155 to the US dollar, earnings per share (EPS) are expected to increase to around ¥4,162.

At a glance

AssumptionsThe assumption that corporate earnings growth will continue

Nikkei levelAssumed levels of ¥80,000 at year-end 2026 and ¥83,000 at end-March 2027

Foreign exchange assumptionThe yen is assumed to be around ¥155 to the US dollar

EPSEPS is expected to increase to around ¥4,162

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