The Bank of Japan’s recent decision to loosen monetary policy further has had little impact on Japan’s asset markets and the yen, which have continued to take their cue from developments overseas. We expect this to remain the case. But while our year-end forecast for the US S&P 500 is 1075 – slightly below where we are now – we still think there is scope for the Nikkei 225 to bounce back and close 2010 above the 10,000 mark.
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