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After a parabolic ascent in Japanese equities - nearly 80% in 6 months - it was clear that a consolidation period was long overdue, according to Goldman Sachs. While this may continue in the near term, the bank holds a medium-term positive stance, retaining a 12-month TOPIX target of 1,400 (Nikkei: 17,000). The bank anticipates that Abenomics is likely to continue along with growing evidence that the economy is exiting deflation. Despite the yen's rise, the bank also sees improvement in macro fundamentals supporting a V-shaped earnings rebound, and given more compelling valuations, potential upside for the equity market. (VIEW LINK)


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