The renewed slide in the yen (to 106) against the dollar has helped to revive investors’ interest in the Nikkei, which closed today at its highest level since January. We remain comfortable with our longstanding Nikkei forecasts of 17,000 and 18,500 for end-2014 and end-2015, respectively. However, we are wary of linking this positive view too mechanically to the outlook for the Japanese currency.
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