How attractively valued is Japan's equity market?

Japan’s equity market bounced back on Tuesday after last week’s sharp sell-off in the wake of the Tohoku earthquake. Although we remain on cautious on the outlook for global equities – our year-end forecast for the US S&P 500 is 1,200 – we suspect that Japan’s equity market is now set to outperform. One key reason is that valuations are now attractive from a historical perspective.

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