Our 12-month TOPIX target is 1590, 15.0 times estimated EPS to 9/2018. Webelieve there are both fundamental factors and investor flow pressures that willresult in outperformance of global cyclical sectors over domestic sectors. Pleasesee the 5 October 2016 PEC’s Japan strategy: Accentuated sector rotation.
TOPIX acts like a global cyclical, reflecting the heavy concentration of listedmanufacturing companies and MNCs, chart below.
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