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Japan equity in focus: Amundi

A recovery in profits, strong incentives from the TSE for companies to improve capital efficiency and a shift out of deflation is boosting a market rerating in Japan.
Deeper Thought

Japan’s equity market is at a historical high in total return terms and in price return terms it is at its highest level in almost 34 years. It was one of the top performers in 2023. The TOPIX (Tokyo Stock Price Index) gained +25% compared to +20% of the MSCI ACWI. According to Amundi, Europe’s largest investment manager, this robust performance is unlikely to be replicated with the same strength in 2024, but the outlook for the market remains favourable.

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