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Japanese (NIKKEI) Market Analysis & Valuation

UpdatedApr 21, 2026
DataAggregated Company Financials
Companies3909
  • 7D1.5%
  • 3M4.5%
  • 1Y47.1%
  • YTD8.8%

Over the last 7 days, the market has remained flat, although notably the Communication Services sector gained 7.2% in that time. Meanwhile, the market is actually up 45% over the past year. Earnings are forecast to grow by 10% annually.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 21 Apr 2026JP¥1275.1tJP¥1038.2tJP¥65.6t14.7x19.4x1.2x
Thu, 19 Mar 2026JP¥1258.8tJP¥1039.5tJP¥65.6t15x19.2x1.2x
Sat, 14 Feb 2026JP¥1290.9tJP¥1037.4tJP¥65.5t15.1x19.7x1.2x
Mon, 12 Jan 2026JP¥1190.5tJP¥1027.3tJP¥64.3t14.7x18.5x1.2x
Wed, 10 Dec 2025JP¥1146.7tJP¥1030.1tJP¥64.2t14.1x17.9x1.1x
Fri, 07 Nov 2025JP¥1129.8tJP¥1029.7tJP¥62.2t14.3x18.2x1.1x
Sun, 05 Oct 2025JP¥1069.7tJP¥1023.8tJP¥59.7t14.5x17.9x1x
Tue, 02 Sep 2025JP¥1057.8tJP¥1026.5tJP¥59.8t14.5x17.7x1x
Thu, 31 Jul 2025JP¥1005.2tJP¥1021.4tJP¥61.7t13.9x16.3x1x
Sat, 28 Jun 2025JP¥980.6tJP¥1029.4tJP¥63.6t13.3x15.4x1x
Mon, 26 May 2025JP¥952.2tJP¥1032.3tJP¥63.7t12.8x14.9x0.9x
Wed, 23 Apr 2025JP¥889.8tJP¥1021.5tJP¥64.3t12.6x13.8x0.9x
Fri, 21 Mar 2025JP¥971.3tJP¥1020.0tJP¥64.3t13.4x15.1x1x
Sun, 16 Feb 2025JP¥962.4tJP¥1019.4tJP¥64.3t13.3x15x0.9x
Tue, 14 Jan 2025JP¥946.0tJP¥997.2tJP¥61.1t13.5x15.5x0.9x
Thu, 12 Dec 2024JP¥957.4tJP¥1009.4tJP¥61.8t13.5x15.5x0.9x
Sat, 09 Nov 2024JP¥953.4tJP¥1003.0tJP¥58.5t13.5x16.3x1x
Mon, 07 Oct 2024JP¥947.6tJP¥1000.1tJP¥60.1t13.6x15.8x0.9x
Wed, 04 Sep 2024JP¥962.3tJP¥999.5tJP¥60.0t13.7x16x1x
Fri, 02 Aug 2024JP¥952.6tJP¥989.7tJP¥58.9t14x16.2x1x
Sun, 30 Jun 2024JP¥985.3tJP¥987.1tJP¥58.4t14.6x16.9x1x
Tue, 28 May 2024JP¥971.7tJP¥987.7tJP¥58.5t14.1x16.6x1x
Thu, 25 Apr 2024JP¥961.9tJP¥975.0tJP¥57.0t14.5x16.9x1x
Sat, 23 Mar 2024JP¥1002.4tJP¥976.5tJP¥56.9t14.9x17.6x1x
Mon, 19 Feb 2024JP¥938.3tJP¥976.8tJP¥56.9t14.2x16.5x1x
Wed, 17 Jan 2024JP¥900.4tJP¥971.3tJP¥52.5t14.5x17.2x0.9x
Fri, 15 Dec 2023JP¥852.7tJP¥974.3tJP¥52.5t13.9x16.2x0.9x
Sun, 12 Nov 2023JP¥848.8tJP¥976.6tJP¥52.5t13.9x16.2x0.9x
Tue, 10 Oct 2023JP¥824.4tJP¥971.2tJP¥55.2t13.9x14.9x0.8x
Thu, 07 Sep 2023JP¥870.3tJP¥971.1tJP¥55.2t14.5x15.8x0.9x
Sat, 05 Aug 2023JP¥829.4tJP¥964.3tJP¥52.7t14x15.7x0.9x
Mon, 03 Jul 2023JP¥835.8tJP¥957.1tJP¥50.6t14x16.5x0.9x
Wed, 31 May 2023JP¥789.6tJP¥958.8tJP¥51.1t13.4x15.5x0.8x
Fri, 28 Apr 2023JP¥747.4tJP¥935.1tJP¥46.5t13x16.1x0.8x
Price to Earnings Ratio

16.1x


Total Market Cap: JP¥747.4tTotal Earnings: JP¥46.5tTotal Revenue: JP¥935.1tTotal 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 Market1.52%
Telecom8.03%
Tech5.26%
Consumer Discretionary2.07%
Healthcare1.57%
Financials0.36%
Real Estate0.23%
Materials0.17%
Industrials-0.39%
Consumer Staples-0.83%
Utilities-3.52%
Energy-7.58%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 25.3x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 19.6%, which is higher than its past year's earnings growth of 11.3% per year.
  • The Telecom sector is the least preferred by investors for future growth, which is trading below its 3-year average of 22.1x.
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 5.4% 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¥4.77k26.8%
+JP¥5.8t		187.1%PE7.4xTelecom
6857 AdvantestJP¥27.10k8.9%
+JP¥1.6t		398.5%PE68.7xTech
6501 HitachiJP¥5.15k6.3%
+JP¥1.4t		50.7%PE28.2xIndustrials
6981 Murata ManufacturingJP¥4.74k13.6%
+JP¥1.0t		132.4%PE45.4xTech
7203 Toyota MotorJP¥3.39k2.1%
+JP¥925.4b		37.2%PE12xConsumer Discretionary
See more

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Latest News

7011
JP¥4,506.00
Mitsubishi Heavy Industries
7D
-5.4%
1Y
74.2%
6723
JP¥2,972.50
Renesas Electronics
7D
17.4%
1Y
90.5%
5020
JP¥1,337.50
ENEOS Holdings
7D
-6.3%
1Y
96.5%

5020: Stable Assumptions And Modest Tweaks Will Sustain Overvaluation Concerns

Analysts have kept their price target for ENEOS Holdings steady at ¥760, reflecting only small tweaks to their assumptions around discount rate, revenue growth, profit margins and future P/E, rather than a change in overall view on the shares. Valuation Changes Fair Value: Kept unchanged at ¥760, indicating no adjustment to the overall valuation anchor.
1605
JP¥3,843.00
Inpex
7D
-10.1%
1Y
110.9%

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.
5803
JP¥5,529.00
Fujikura
7D
-3.0%
1Y
628.5%
285A
JP¥30,510.00
Kioxia Holdings
7D
-2.4%
1Y
1,591.2%
8058
JP¥4,910.00
Mitsubishi
7D
-6.9%
1Y
101.7%
9984
JP¥4,774.00
SoftBank Group
7D
26.8%
1Y
187.1%

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¥5,836.00
Mitsui
7D
-6.4%
1Y
122.4%

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¥3,390.00
Toyota Motor
7D
2.1%
1Y
37.2%
6857
JP¥27,100.00
Advantest
7D
8.9%
1Y
398.5%

6857: AI And HPC Hype Will Outrun Earnings Despite Aggressive Buybacks

Analysts have raised their price target for Advantest from approximately ¥15,900 to about ¥21,900, citing updated assumptions for higher revenue growth, a stronger profit margin profile, and a slightly lower projected P/E multiple. What's in the News Advantest reported completing a share repurchase of 2,048,700 shares, about 0.28% of outstanding shares, for ¥67,680.2 million under the buyback announced on October 28, 2025.
6098
JP¥7,625.00
Recruit Holdings
7D
9.0%
1Y
7.7%

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).
2914
JP¥5,790.00
Japan Tobacco
7D
-2.7%
1Y
36.6%

2914: Future Earnings Guidance And Dividend Outlook Will Support Balanced Returns

Analysts have kept their ¥6,106.67 price target for Japan Tobacco broadly unchanged, citing only minor tweaks to inputs such as the discount rate and long term P/E assumptions. What's in the News Japan Tobacco issued consolidated earnings forecasts for the fiscal year ending 31 December 2026, guiding for revenue of ¥3,697.0b, operating profit of ¥921.0b, profit attributable to owners of parents of ¥570.0b, and basic EPS of ¥321.06 (company guidance).
8035
JP¥44,250.00
Tokyo Electron
7D
4.2%
1Y
127.7%

8035: Future Buybacks And Dividend Policy Will Support A Higher Share Price

Analysts have lifted their price target on Tokyo Electron from ¥54,000 to ¥62,000. This reflects updated assumptions that include a slightly higher discount rate, more moderate revenue growth and profit margin expectations, and a higher future P/E multiple of 38.93 versus the prior 25.55.
6501
JP¥5,153.00
Hitachi
7D
6.3%
1Y
50.7%

6501: Nuclear Project And Buybacks Will Drive Future Upside

Analysts have trimmed their average price target for Hitachi slightly to ¥5,807 from ¥5,869, reflecting small adjustments to assumptions around the discount rate, expected revenue growth, profit margins, and future P/E multiples. What's in the News President Donald Trump and Sanae Takaichi are reported to be preparing a ¥40 billion nuclear project announcement that references Hitachi, according to Bloomberg (Bloomberg).
6981
JP¥4,738.00
Murata Manufacturing
7D
13.6%
1Y
132.4%