Confidence in Nikkei takes a hit

Graph_downAn index reflecting investor confidence in the Japanese stock market sank 3.4 points between May and June, revealing that more investors expect equity prices on the Nikkei index to decline. The index, from the equity research department at Nomura, is calculated from respondents' three-month outlook for share prices. The proportion of respondents who expect share prices to rise fell nearly two percentage points to 72.7% since the last survey in May, indicating that more than a quarter of respondents are anticipating a share drop. There was a large rise in the number of respondents who said that domestic politics is the factor most likely to impact the stock market in the next three months. In May, most people said domestic corporate earnings were more significant. However, the majority of investors are still optimistic, and the most popular response to the survey was to predict that the Nikkei will rise by about 1,000 points. The proportion of people choosing this option actually rose nearly two percentage points to 57% since May. ©2011 funds europe

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