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Japan’s stock market is forecast to have a transformational year in 2024

The Japanese equity market is poised for a strong 2024, with research forecasting a 13% rise in the TOPIX index. This optimism is driven by solid global economic growth and Tokyo Stock Exchange (TSE) governance reforms, described as a "game changer." The TSE's pressure on companies has led to improved corporate governance, reducing the proportion of stocks trading below book value from 52% to 46%. Foreign investment, influenced by stock market reforms, remains positive, and the introduction of the Nippon Individual Savings Account (NISA) in 2024 is expected to attract domestic investors. Despite a projected GDP growth slowdown, factors like wage growth and a rebound in exports contribute to a positive economic outlook. The rise in core CPI above 2% signals successful fiscal and monetary policies, setting the stage for a potential normalization of monetary policy. Japanese company earnings are forecasted to grow, with recovering sectors driving a trajectory of 12%, 8%, and 7% in earnings per share for 2023, 2024, and 2025, respectively. In summary, Japan's equity market outlook for 2024 is characterized by global economic strength, transformative governance reforms, increased investor interest, and positive economic indicators.




The Japanese equity market is forecast by Goldman Sachs Research to rally again in 2024, boosted by solid global economic growth and stock market reform.


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