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Japan's stock markets keep testing new highs. Is the rally sustainable?

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What lies ahead for the Japanese equity markets, now that they've scaled to new highs again?

This week, the Nikkei and the broad-based Topix surpassed previous records to hit fresh all-time closing highs on Thursday. The Topix notably breached a 34-year record set in December 1989.

This photo taken on May 2, 2024 shows a general view of the entrance to the Tokyo Stock Exchange headquarters building in the Nihonbashi area of Tokyo.How did the markets reach these level, especially for the Nikkei, which has scaled new peaks for the second time this year? He predicted earnings growth of 35% over the next two financial years — from April 2024 to March 2026 — as well as topline growth of 4% per year.

 

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