Japan equity weekly (18 June 2026)

Research evidence excerpt

Japan equity weekly (18 June 2026)

Global Markets Research

Japan equity weekly (18 June 2026) 18 June 2026

EQUITY: JAPAN STRATEGY

Greater concern about FOMO than FOMC, we look at Research Analysts

previous FOMO-driven rallies Macro strategy Tomochika Kitaoka - NSC

We highlight Japanese suppliers to major semiconductor and electronic tomochika.kitaoka@nomura.com

parts companies +81 3 6703 1815

Masaki Motomura - NSC

Recent developments close to our upside scenario: Focus likely to fall on masaki.motomura@nomura.com

sustainability of AI economy and knock-on effects +81 3 6703 1119

We had estimated the Nikkei 225 at 66,000 at end-June under our main scenario, but we Naoya Fuji - NSC

also cannot ignore our upside scenario, which puts the Nikkei 225 at around 75,000 (see naoya.fuji@nomura.com

our 27 May 2026 report Revisions:WeraiseourEPSandindexforecaststoreflect +81 3 6703 1245

greater-than-expectedexpectationsforAI,semiconductors,andceasefire). This is Momoko Nakada - NSC

because of the stronger-than-expected AI-driven economy and supply-demand conditions momoko.nakada@nomura.com

being shaped by fear of missing out (FOMO). That said, these supply-demand conditions +81 3 6703 1100

can be volatile, and we note the potential for substantial reversals. Looking ahead, we

Tomoharu Kurosu - NSCthink the focus will be on the AI economy and its knock-on effects, and will be keeping a tomoharu.kurosu@nomura.com

close eye on Micron Technology's results announcement on 24 June and results from US +81 3 6703 3875

and Japanese companies from late July onwards.

Japan quantitative research

Potential factors for nonresident investors to reassess Japanese equities: We see Makoto Furukawa - NSC

three potential FOMO areas makoto.furukawa@nomura.com