A survey of 1,000 investors with financial assets of at least ¥100 million presents forecasts through 2050 for the Nikkei Average, equity markets, foreign exchange, interest rates and investment themes. The proportion expecting the Nikkei Average to exceed ¥100,000 in 2030 is 1 in 4 and is expected to reach nearly half by 2050.
About 1 in 4 respondents expected the Nikkei Average to exceed ¥100,000 in 2030, while the forecast indicated that nearly half would expect it to exceed this level by 2050. As of the end of 2026, 46.9% expected it to remain below ¥70,000, 49.0% expected ¥70,000 or more but less than ¥100,000, and 4.1% expected it to exceed ¥100,000. The proportion expecting it to exceed ¥100,000 increased for later years.
For global equities, more than 50% expected the level to exceed twice the current level in 2050, compared with about 30% for the S&P 500. The breakdown of multiples relative to current levels varied by year. From 2030 onward, the proportion forecasting higher levels increased, and by 2050 more than half expected global equities to reach at least twice the current level.
Views on Bitcoin and gold in 2050 were divided. Relative to the end of 2026, the largest proportion for Bitcoin, about 59%, expected it to be below 1x, while for gold, about 28% expected it to be at least 1.5x but less than 2x. From the end of 2029 onward, the proportion expecting Bitcoin to reach ¥10 million or more increased, while the proportion expecting it to remain below ¥5 million also rose.
For the USD/JPY exchange rate, more than 30% each expected it to be below ¥150 and ¥170 or above in 2050. As the forecast year extended further into the future, views became more dispersed between a stronger and weaker yen, indicating a range of views on the future exchange rate.