Regarding the fact that the Nikkei Stock Average has risen to a level approaching the all-time high reached during the bubble period, Toshio Morita, chairman of the Japan Securities Dealers Association, said that the situation is different from then and that the rising trend of stock prices will continue in the future. I showed it.
On February 16th, the Nikkei Stock Average was just 92 yen shy of its all-time high of 38,957 yen, set in December 1989 at the height of the bubble economy, and has continued to trade at a high level ever since. I am.
Regarding this, Chairman Morita of the Japan Securities Dealers Association said at a press conference today, ``In addition to the strong financial results of companies from October to December last year, the depreciation of the yen against the backdrop of monetary policy in Japan and the United States, This is due to expectations for reform."
He also expressed the idea that a virtuous cycle in which price pass-through and wage increases are expected to boost profits, and that more companies are announcing withdrawal from unprofitable businesses and changes to profitable business structures are expected to lead to a positive evaluation of Japanese companies. I did.
On the other hand, in response to a question about whether it was a bubble, he replied, ``Back then, the market moved well in advance of future growth potential, creating a bubble. There has been buying to correct the lag in the stock market, and it is different from the time of the bubble.The all-time high is a passing point, and this is the start,'' he said, expressing the view that stock prices will continue to trend upward. .