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2023 Mid-Year Market Outlook

Financial Decoder

CHAPTER

The Bull Market in Japan

The MSCI ME-FE index is up over 20% measured in US dollars since the end of October, meeting the technical definition of a new bull market. Japan's Nikkei 225 index has widely outperformed the solid gains for the S&P 500 this year when measured in dollars and local currency as it did last year. There are several reasons why Japanese stocks might continue to surprise investors and help lift the performance of overall international markets.

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