Japanese Stocks Celebrate Another Milestone

Earlier this year, Japanese equities celebrated a milestone: A meteoric rally in local shares finally pushed the Nikkei 225 beyond its late-1989 highs to a new record. It was "FOMO," yes, but there was a fundamental case too. I'll recycle some color from my previous coverage. The Japanese economy, optimists hope, has finally exorcized the deflation demon, and with valuations reasonable (even after the run-up), corporate fundamentals generally sound and the yen historically weak, the sky's the l

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