Japan's Topix marked a 33-year high on revived hopes for Japanese equities, with the index outperforming its regional peers year-to-date.
SocGen strategists said the BOJ's change in monetary policy will likely be a "very gradual process with no elimination of the YCC [Yield Curve Control] policy and interest rate hikes expected in the next two years."
"Keep an overweight position on Japan equities, unhedged, and biased to banks, financials, and value," they wrote.Goldman Sachs' said in a May 12 report that the investment bank sees a "number of reasons" to support its bullish stance on Japanese stocks. "Specifically, we note the solid fundamentals compared with stocks on overseas markets, and we also think that expectations for structural changes/reforms could push Japanese equities up even further," wrote Japan equity strategist Kazunori Tatebe.
Noting there is a chance of structural reforms ahead, he added: "We believe that the main risks to our bullish view on Japanese equities are from overseas factors such as the U.S. debt ceiling problem, recession risk, and geopolitical risk."
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