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Japanese (NIKKEI) Market Analysis & Valuation

UpdatedApr 22, 2026
DataAggregated Company Financials
Companies3911
  • 7D0.4%
  • 3M5.4%
  • 1Y46.8%
  • YTD8.7%

The Communication Services sector gained 6.8% while the market remained flat over the last week. Meanwhile, the market is actually up 47% over the past year. As for the next few years, earnings are expected to grow by 10% per annum.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Japanese Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Apr 2026JP¥1274.1tJP¥1038.2tJP¥65.6t14.7x19.4x1.2x
Fri, 20 Mar 2026JP¥1220.4tJP¥1039.5tJP¥65.6t14.5x18.6x1.2x
Sun, 15 Feb 2026JP¥1291.8tJP¥1040.3tJP¥65.6t15x19.7x1.2x
Tue, 13 Jan 2026JP¥1190.3tJP¥1027.3tJP¥64.4t14.7x18.5x1.2x
Thu, 11 Dec 2025JP¥1148.4tJP¥1030.1tJP¥64.2t14.1x17.9x1.1x
Sat, 08 Nov 2025JP¥1125.9tJP¥1029.7tJP¥62.1t14.2x18.1x1.1x
Mon, 06 Oct 2025JP¥1069.7tJP¥1023.8tJP¥59.7t14.5x17.9x1x
Wed, 03 Sep 2025JP¥1062.8tJP¥1026.4tJP¥59.8t14.6x17.8x1x
Fri, 01 Aug 2025JP¥1012.7tJP¥1021.0tJP¥61.8t14x16.4x1x
Sun, 29 Jun 2025JP¥980.6tJP¥1029.4tJP¥63.6t13.3x15.4x1x
Tue, 27 May 2025JP¥958.0tJP¥1032.3tJP¥63.7t12.9x15x0.9x
Thu, 24 Apr 2025JP¥905.8tJP¥1021.1tJP¥64.2t12.7x14.1x0.9x
Sat, 22 Mar 2025JP¥973.1tJP¥1019.8tJP¥64.3t13.5x15.1x1x
Mon, 17 Feb 2025JP¥962.4tJP¥1021.3tJP¥64.7t13.2x14.9x0.9x
Wed, 15 Jan 2025JP¥935.4tJP¥1000.8tJP¥61.5t13.4x15.2x0.9x
Fri, 13 Dec 2024JP¥965.0tJP¥1009.5tJP¥61.8t13.5x15.6x1x
Sun, 10 Nov 2024JP¥956.3tJP¥1004.8tJP¥58.5t13.5x16.3x1x
Tue, 08 Oct 2024JP¥961.9tJP¥1000.1tJP¥60.1t13.7x16x1x
Thu, 05 Sep 2024JP¥928.9tJP¥999.6tJP¥60.0t13.4x15.5x0.9x
Sat, 03 Aug 2024JP¥895.9tJP¥989.4tJP¥58.5t13.2x15.3x0.9x
Mon, 01 Jul 2024JP¥985.4tJP¥986.0tJP¥58.3t14.6x16.9x1x
Wed, 29 May 2024JP¥973.5tJP¥988.0tJP¥58.6t14.1x16.6x1x
Fri, 26 Apr 2024JP¥945.4tJP¥975.0tJP¥57.0t14.3x16.6x1x
Sun, 24 Mar 2024JP¥1002.4tJP¥976.4tJP¥56.9t14.9x17.6x1x
Tue, 20 Feb 2024JP¥943.5tJP¥976.9tJP¥56.9t14.4x16.6x1x
Thu, 18 Jan 2024JP¥896.9tJP¥971.3tJP¥52.5t14.4x17.1x0.9x
Sat, 16 Dec 2023JP¥845.6tJP¥974.3tJP¥52.5t13.9x16.1x0.9x
Mon, 13 Nov 2023JP¥848.8tJP¥976.8tJP¥52.6t13.9x16.1x0.9x
Wed, 11 Oct 2023JP¥841.1tJP¥971.2tJP¥55.2t14.1x15.2x0.9x
Fri, 08 Sep 2023JP¥867.3tJP¥971.1tJP¥55.2t14.4x15.7x0.9x
Sun, 06 Aug 2023JP¥829.3tJP¥963.8tJP¥52.5t14x15.8x0.9x
Tue, 04 Jul 2023JP¥846.7tJP¥957.1tJP¥50.6t14.1x16.7x0.9x
Thu, 01 Jun 2023JP¥779.9tJP¥958.8tJP¥51.1t13.2x15.3x0.8x
Sat, 29 Apr 2023JP¥756.8tJP¥935.7tJP¥46.6t13.2x16.2x0.8x
Price to Earnings Ratio

16.2x


Total Market Cap: JP¥756.8tTotal Earnings: JP¥46.6tTotal Revenue: JP¥935.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Japanese Market Price to Earnings3Y Average 16.4x202420252026
Current Market PE
  • Investors are optimistic on the Japanese market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 19.4x which is higher than its 3-year average PE of 16.4x.
Past Earnings Growth
  • The earnings for Japanese listed companies have grown 12% per year over the last three years.
  • Revenues for these companies have grown 3.5% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Sector Trends

Which sectors have driven the changes within the Japanese Market?

JP Market0.42%
Telecom6.79%
Tech3.09%
Consumer Discretionary0.63%
Healthcare-0.054%
Industrials-0.62%
Consumer Staples-0.72%
Materials-0.82%
Real Estate-1.14%
Financials-1.30%
Utilities-4.57%
Energy-7.70%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 25.4x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 19.9%, which is higher than its past year's earnings growth of 11.3% per year.
  • The Utilities sector is the least preferred by investors for future growth. Although, investor sentiment seems to have improved given that it's trading above its 3-year average.
Forecasted Growth
  • Analysts are most optimistic on the Tech sector, expecting annual earnings growth of 20% over the next 5 years.
  • This is better than its past earnings growth rate of 11% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 6.8% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
9984 SoftBank GroupJP¥5.18k22.1%
+JP¥5.4t		211.2%PE8xTelecom
6098 Recruit HoldingsJP¥7.85k11.7%
+JP¥1.1t		11.8%PE23.7xIndustrials
6501 HitachiJP¥5.19k4.7%
+JP¥1.0t		54.2%PE28.4xIndustrials
8035 Tokyo ElectronJP¥45.78k4.8%
+JP¥946.0b		138.7%PE41.4xTech
6981 Murata ManufacturingJP¥4.81k11.1%
+JP¥875.6b		137.1%PE46.1xTech
See more

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Latest News

6501
JP¥5,189.00
Hitachi
7D
4.7%
1Y
54.2%
6702
JP¥3,883.00
Fujitsu
7D
11.5%
1Y
34.8%

6702: Share Cancellation And Higher Dividend Policy Will Support Future Returns

Analysts have made only a marginal adjustment to their Fujitsu fair value and price target, keeping it broadly in line with the prior view around ¥4,689. Updated assumptions for discount rate, revenue growth, profit margin and future P/E remain very close to earlier estimates.
8035
JP¥45,780.00
Tokyo Electron
7D
4.8%
1Y
138.7%

8035: Rich Buybacks And Dividend Hikes Will Still Leave Shares Overpriced

Analysts have raised their price target for Tokyo Electron to about ¥31,600 from about ¥29,100. This reflects updated views on stronger revenue growth, a slightly higher profit margin and a lower future P/E multiple.
7011
JP¥4,522.00
Mitsubishi Heavy Industries
7D
-4.8%
1Y
78.8%
6723
JP¥3,079.00
Renesas Electronics
7D
12.7%
1Y
94.9%
6762
JP¥2,576.00
TDK
7D
13.3%
1Y
93.4%

6762: New APAC Hub And Battery Collaboration Will Support Future Upside Potential

Analysts have kept their fair value estimate for TDK steady at ¥3,300. A slightly higher discount rate, a modest adjustment to revenue growth assumptions, and a small uplift in profit margin expectations underpin the unchanged price target.
1605
JP¥3,830.00
Inpex
7D
-8.6%
1Y
110.4%

1605: Beetaloo Expansion And LNG Plans Will Likely Keep Shares Fairly Valued

The analyst price target for Inpex has been revised from approximately ¥3,192 to about ¥3,952. Analysts cited updated assumptions around revenue growth, profit margins, and a slightly adjusted discount rate and future P/E as key drivers of the change.
285A
JP¥32,740.00
Kioxia Holdings
7D
-6.5%
1Y
1,756.0%
8058
JP¥4,844.00
Mitsubishi
7D
-6.7%
1Y
91.6%
9984
JP¥5,181.00
SoftBank Group
7D
22.1%
1Y
211.2%

9984: AI And Semiconductor IP Exposure Will Drive Future Re Rating Potential

Analyst price targets for SoftBank Group are now centered around ¥3,140 to ¥7,000, reflecting a mix of caution over concentrated AI exposure and leverage, as well as optimism about the group's AI access, semiconductor IP position, and diversified holdings trading at what analysts see as an attractive entry point. Analyst Commentary Recent research shows a split view on SoftBank Group, with some analysts highlighting rising risks tied to concentrated AI exposure and leverage, while others focus on potential upside linked to AI access, semiconductor IP, and portfolio valuation.
8031
JP¥5,780.00
Mitsui
7D
-5.8%
1Y
116.4%

8031: Elevated P/E And Modest Margin Assumptions Will Sustain Downside Risk

Analysts have reiterated a ¥4,190 price target for Mitsui, with the unchanged level reflecting updated views on a slightly higher discount rate, adjusted revenue growth assumptions, a modestly lower profit margin, and a marginally higher future P/E multiple. What's in the News Mitsui updated on its share buyback program, completing the repurchase of 41,075,000 shares, representing 1.43% of shares, for ¥199,999.9 million under the buyback announced on November 5, 2025.
7203
JP¥3,280.00
Toyota Motor
7D
-1.4%
1Y
33.4%
6098
JP¥7,853.00
Recruit Holdings
7D
11.7%
1Y
11.8%

6098: Ongoing Share Repurchases And Record 2026 Guidance Will Support Upside Potential

Analysts have trimmed their price target for Recruit Holdings from ¥10,130 to ¥9,761, citing updated assumptions that combine a slightly higher discount rate with adjusted expectations for revenue growth, profit margins and future P/E levels. What's in the News A board meeting is scheduled for March 11, 2026 to discuss cancelling shares of treasury stock, which could change the total number of shares in issue if approved (Key Developments).
8411
JP¥6,647.00
Mizuho Financial Group
7D
-2.1%
1Y
100.0%

8411: Extended Buybacks And Stable Earnings Outlook Will Support Fair Value

Analysts have kept their ¥6,920 price target for Mizuho Financial Group unchanged, citing only slight refinements in assumptions such as the discount rate and future P/E ratio, rather than any change in the core earnings outlook. What's in the News Mizuho Financial Group completed a share repurchase of 47,016,600 shares, representing 1.9% of shares for ¥299,999.89 million under the buyback program announced on November 14, 2025 (company disclosure).
7182
JP¥2,600.00
JAPAN POST BANK
7D
-4.6%
1Y
87.9%
6981
JP¥4,810.00
Murata Manufacturing
7D
11.1%
1Y
137.1%