Nomura Securities lowered its forecast for the Nikkei Average through 2028, indicating that the next record high is not expected until after the end of that year. It also referred to the possibility that the backlash from the AI boom and market adjustments may have had an impact.
Nomura Securities revised its outlook for Japanese equities on the 9th, lowering its forecast for the Nikkei Stock Average through 2028, a move that has drawn attention among market participants. The timing of the Nikkei’s next record high is expected to be significantly delayed from the previous outlook.
Under the new scenario, the forecast is ¥62,000 at the end of 2026, ¥66,000 at the end of 2027 and ¥72,000 at the end of 2028. All of these figures are downward revisions from the previous forecast range of ¥70,000 to ¥76,000. As a result, the possibility that the Nikkei’s next record high will be delayed until after the end of 2028 is said to have increased.
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