The latest investor survey, conducted in August, showed that investors were bullish on the Nikkei Average over the medium to long term, while expectations for yen depreciation had eased.
An investor survey of 2,338 individual investors, conducted from 23 to 26 August, found that bullish sentiment toward the Nikkei Average had strengthened over the medium to long term, while many respondents said uncertainty remained in the short term.
The Nikkei Average ended August at ¥66,311, approximately ¥1,949 higher than at the end of July, recovering somewhat from its monthly decline of ¥5,700. Expectations and caution surrounding AI and semiconductor-related stocks, persistently high U.S. interest rates, and geopolitical concerns were cited as factors affecting the market.
The Nikkei Average DI improved significantly, to +1.11 one month ahead and +26.90 three months ahead, highlighting a pronounced bullish stance over the medium to long term. Meanwhile, the DI for the yen exchange-rate outlook showed that expectations for yen appreciation had strengthened.
Among the three-month outlook responses, 41.53% were bullish, indicating that the long-term bullish outlook had strengthened. Some respondents also said that market conditions could change depending on developments following the September U.S. midterm elections and the direction of U.S. interest rates.