Japanese stocks are poised to surpass this year’s high set
in May as a stronger U.S. economy weakens the yen and Prime Minister Shinzo
Abe’s reflation policy leads to wage increases, according to BNP Paribas
Investment Partners SA and SMBC Nikko Securities Inc.
Japan’s Nikkei 225 Stock Average capped a 7.7 percent jump
last week, the steepest rally in almost four years, after Janet Yellen, the
nominee to succeed Ben S. Bernanke as Fed chairman, said she will ensure
bond-buying isn’t ended until she sees a robust recovery. A 3.1 percent gain
would take the equity gauge past a 5 1/2-year high reached May 22. The yen
dropped past 100 versus the dollar last week for the first time in two months.
Japanese equities surged the most among developed markets
in 2013 as policy makers at home and in the U.S. bolstered growth with
unprecedented stimulus measures. The rally petered out last month as investors
weighed the impact of a sales-tax increase on the domestic economy and stronger
U.S. data that signaled the Fed may pare asset purchases sooner. BNP Paribas’
bullishness contrasts with Saison Asset Management Co. and Sompo Japan
Nipponkoa Asset Management Co., which say Japanese stocks are now rising too
far, too fast.
(Source: Bloomberg)
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