Japanese shares are expected to recover from an eight-month low marked on Friday to near a 30-year high by the end of this year, supported by a robust corporate outlook and the rollout of coronavirus vaccines, a Reuters Poll showed.
The Nikkei has been hovering below 28,000 over the past month, as the spread of the Delta variant of coronavirus spurred concerns of an economic slowdown even as Japanese companies reported positive outlooks."Overall companies gave positive outlooks when they announced their earnings for the April-June period and a notable number of companies raised their forecast," said Takashi Hiroki, chief strategist, Monex Securities, who forecast the Nikkei to climb to 31,000 in December.
The Nikkei trades at 14.39 times expected earnings, compared with nearly 28 times in early February, when the index was rallying toward its 30-year high on Feb. 16. Daily infections surged to a record level, driven by the Delta variant, after Tokyo held the 2020 Olympics that started on July 23. "I found the corporate outlook based on the first quarter earnings conservative and expected upward revisions after the end of the half year," said Kyoko Amemiya, representative for Amemiya Research Institute. "But Toyota's production cut crashed that hope."
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