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Japanese (NIKKEI) Market Analysis & Valuation

UpdatedMar 09, 2026
DataAggregated Company Financials
Companies3926
  • 7D-5.4%
  • 3M9.9%
  • 1Y36.4%
  • YTD6.9%

Over the last 7 days, the market has dropped 5.4%, driven by pullbacks in every sector, especially the Industrials sector. In the last year, the market is actually up 36%. As for the next few years, earnings are expected to grow by 9.6% 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
Mon, 09 Mar 2026JP¥1258.9tJP¥1040.3tJP¥65.7t15x19.2x1.2x
Wed, 04 Feb 2026JP¥1235.2tJP¥1030.5tJP¥65.5t14.9x18.9x1.2x
Fri, 02 Jan 2026JP¥1156.4tJP¥1029.2tJP¥64.3t14.5x18x1.1x
Sun, 30 Nov 2025JP¥1146.9tJP¥1031.5tJP¥64.5t14.2x17.8x1.1x
Tue, 28 Oct 2025JP¥1136.5tJP¥1025.7tJP¥59.8t14.8x19x1.1x
Thu, 25 Sep 2025JP¥1091.2tJP¥1026.6tJP¥59.8t14.8x18.2x1.1x
Sat, 23 Aug 2025JP¥1069.2tJP¥1026.5tJP¥59.8t14.5x17.9x1x
Mon, 21 Jul 2025JP¥977.6tJP¥1021.1tJP¥62.0t13.5x15.8x1x
Wed, 18 Jun 2025JP¥969.4tJP¥1033.8tJP¥63.7t13.2x15.2x0.9x
Fri, 16 May 2025JP¥954.7tJP¥1027.2tJP¥63.6t13.1x15x0.9x
Sun, 13 Apr 2025JP¥865.2tJP¥1021.6tJP¥64.3t12.2x13.5x0.8x
Tue, 11 Mar 2025JP¥939.9tJP¥1019.9tJP¥64.3t13.1x14.6x0.9x
Thu, 06 Feb 2025JP¥955.3tJP¥1012.7tJP¥63.2t13.4x15.1x0.9x
Sat, 04 Jan 2025JP¥971.2tJP¥1010.9tJP¥61.7t13.7x15.7x1x
Mon, 02 Dec 2024JP¥936.3tJP¥1008.8tJP¥61.8t13.4x15.1x0.9x
Wed, 30 Oct 2024JP¥942.5tJP¥1001.9tJP¥60.1t13.3x15.7x0.9x
Fri, 27 Sep 2024JP¥957.9tJP¥1000.0tJP¥60.1t13.7x15.9x1x
Sun, 25 Aug 2024JP¥946.4tJP¥999.4tJP¥59.9t13.4x15.8x0.9x
Tue, 23 Jul 2024JP¥992.2tJP¥987.7tJP¥58.6t14.4x16.9x1x
Thu, 20 Jun 2024JP¥961.6tJP¥989.0tJP¥58.6t14.2x16.4x1x
Sat, 18 May 2024JP¥969.5tJP¥985.1tJP¥58.2t14.1x16.7x1x
Mon, 15 Apr 2024JP¥978.6tJP¥974.7tJP¥56.9t14.7x17.2x1x
Wed, 13 Mar 2024JP¥949.4tJP¥975.9tJP¥56.9t14.4x16.7x1x
Fri, 09 Feb 2024JP¥917.8tJP¥971.7tJP¥54.3t14.6x16.9x0.9x
Sun, 07 Jan 2024JP¥863.1tJP¥971.1tJP¥52.4t14.3x16.5x0.9x
Tue, 05 Dec 2023JP¥857.8tJP¥977.5tJP¥53.1t14.2x16.1x0.9x
Thu, 02 Nov 2023JP¥840.4tJP¥972.3tJP¥55.9t13.8x15x0.9x
Sat, 30 Sep 2023JP¥846.6tJP¥971.6tJP¥55.3t14.3x15.3x0.9x
Mon, 28 Aug 2023JP¥827.5tJP¥971.1tJP¥55.2t13.9x15x0.9x
Wed, 26 Jul 2023JP¥834.7tJP¥958.0tJP¥50.6t14.1x16.5x0.9x
Fri, 23 Jun 2023JP¥838.6tJP¥959.3tJP¥51.1t14x16.4x0.9x
Sun, 21 May 2023JP¥791.6tJP¥958.9tJP¥50.9t13.5x15.5x0.8x
Tue, 18 Apr 2023JP¥745.4tJP¥935.1tJP¥46.6t13x16x0.8x
Thu, 16 Mar 2023JP¥721.8tJP¥933.7tJP¥46.7t12.7x15.5x0.8x
Price to Earnings Ratio

15.5x


Total Market Cap: JP¥721.8tTotal Earnings: JP¥46.7tTotal Revenue: JP¥933.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Japanese Market Price to Earnings3Y Average 16.3x202420252026
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 19.2x which is higher than its 3-year average PE of 16.3x.
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 3.7% 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 Market-5.40%
Energy-1.54%
Telecom-2.29%
Real Estate-3.52%
Tech-4.40%
Utilities-4.60%
Healthcare-5.29%
Consumer Staples-5.44%
Materials-5.76%
Consumer Discretionary-5.90%
Industrials-5.98%
Financials-6.97%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 24.9x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 16.5%, which is higher than its past year's earnings growth of 11.7% per year.
  • The Telecom sector is the least preferred by investors for future growth, which is trading below its 3-year average of 24.5x.
Forecasted Growth
  • Analysts are most optimistic on the Tech sector, expecting annual earnings growth of 16% over the next 5 years.
  • This is better than its past earnings growth rate of 12% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 5.8% 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
6702 FujitsuJP¥3.68k4.3%
+JP¥231.8b		21.5%PE20.1xTech
6963 ROHMJP¥3.46k19.3%
+JP¥216.2b		120.4%PS2.8xTech
6701 NECJP¥4.41k3.2%
+JP¥181.6b		50.1%PE24xTech
4307 Nomura Research InstituteJP¥4.40k6.6%
+JP¥157.1b		-14.2%PE24xTech
6740 Japan DisplayJP¥52.0079.3%
+JP¥142.3b		205.9%PS2.3xTech
See more

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Latest News

6701
JP¥4,445.00
NEC
7D
3.9%
1Y
51.2%

6701: Share Buyback And Earnings Outlook Will Support A Stronger Future

Analysts have revised their price target on NEC to ¥6,362.5 from ¥6,050, reflecting updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E. What's in the News NEC has announced a share repurchase program of up to 6,800,000 shares, or 0.51% of issued shares excluding treasury stock, with a total purchase value of ¥30,000m, running through March 31, 2026 (company announcement).
6501
JP¥4,831.00
Hitachi
7D
-4.7%
1Y
30.5%

6501: Share Repurchases And New Rail Signaling Will Support Future Upside

Analysts have made a small upward adjustment to their Hitachi price target to ¥5,838, with modest tweaks to fair value inputs, discount rate assumptions, revenue growth expectations and future P/E estimates supporting the change. What's in the News Hitachi Rail started revenue service for its new Communications Based Train Control digital signaling system on the Media Sharon Hill Line in the United States, covering about 11.9 miles of light rail between the 69th Street Transportation Center and communities in Media and Sharon Hill (Key Developments).
4307
JP¥4,391.00
Nomura Research Institute
7D
6.4%
1Y
-14.4%

4307: Financial Platform Services Will Support Future Upside As Risk Assumptions Rise

Analysts now set their price target for Nomura Research Institute at ¥6,160, down from ¥6,530, reflecting updated assumptions for slightly softer revenue growth, a modestly lower profit margin, a higher discount rate, and a reduced future P/E outlook. Valuation Changes Fair Value: revised from ¥6,530 to ¥6,160, indicating a slightly lower central value estimate.
7203
JP¥3,515.00
Toyota Motor
7D
-10.9%
1Y
24.2%
6963
JP¥3,243.00
ROHM
7D
11.8%
1Y
106.6%
6503
JP¥5,518.00
Mitsubishi Electric
7D
-7.9%
1Y
108.5%

6503: Culture Reform And Tech Partnerships Will Support Fairly Valued Shares

Analysts have raised their price target for Mitsubishi Electric from about ¥4,220 to roughly ¥5,110, reflecting updated assumptions for revenue growth, profit margins, the discount rate, and future P/E multiples. What's in the News Mitsubishi Electric plans organizational changes effective April 1, 2026, including renaming the Corporate Human Resources Group to the Corporate Human Resources & Culture Transformation Group and consolidating culture reform functions into this unit, following a Board of Directors resolution on the same day (Key Developments).
7011
JP¥4,761.00
Mitsubishi Heavy Industries
7D
-8.4%
1Y
103.0%

7011: Conviction List Inclusion Will Expose Lofty P/E To Execution Risks

Narrative Update Analysts have revised their fair value estimate for Mitsubishi Heavy Industries to ¥4,000 from about ¥2,785, citing its recent addition to a key APAC conviction list as support for a higher assumed P/E multiple and a slightly stronger margin outlook. Analyst Commentary The recent fair value revision to ¥4,000 and the stock's addition to a key APAC conviction list have pulled more attention to Mitsubishi Heavy Industries, but not all commentary is upbeat.
8058
JP¥5,073.00
Mitsubishi
7D
-4.7%
1Y
96.6%

8058: Future Outlook Will Hinge On Clarity Of Growth And Capital Plans

Narrative Update Analysts have revised their price target for Mitsubishi to ¥4,155 from ¥3,610, reflecting updated assumptions on revenue growth, profitability, discount rate and future P/E. This is supported by recent Street research that includes a Neutral initiation with a ¥3,900 target.
5844
JP¥4,169.00
Kyoto Financial GroupInc
7D
7.5%
1Y
86.1%
8316
JP¥5,423.00
Sumitomo Mitsui Financial Group
7D
-5.3%
1Y
46.2%
8001
JP¥2,089.50
ITOCHU
7D
-6.3%
1Y
53.3%

Non Resource Consumer Dependence And Execution Risks Will Challenge Long Term Earnings Stability

Catalysts About ITOCHU ITOCHU is a Japanese trading group that focuses on non resource consumer related businesses alongside resource operations. What are the underlying business or industry changes driving this perspective?
8002
JP¥5,383.00
Marubeni
7D
-10.4%
1Y
123.9%
6098
JP¥7,002.00
Recruit Holdings
7D
4.7%
1Y
-23.4%

6098: Ongoing Share Buybacks And Record Earnings Guidance Will Support Upside Potential

Analysts have nudged their price target on Recruit Holdings slightly lower from ¥10,198.75 to ¥10,130.00. This reflects updated assumptions around discount rate, revenue growth, profit margin and future P/E.
6702
JP¥3,683.00
Fujitsu
7D
4.3%
1Y
21.5%

6702: AI Productivity Gains And Capital Returns Will Support Fairly Valued Outlook

Analysts have lifted their price target on Fujitsu from about ¥3,704 to roughly ¥4,025 as they refine assumptions around discount rates, profit margins and future P/E levels. What's in the News Fujitsu launched an AI Driven Software Development Platform that automates the full development cycle using its Takane LLM and agentic AI, with internal plans to apply it across 67 medical and government software products by the end of fiscal 2026 (Key Developments).
6787
JP¥25,110.00
Meiko Electronics
7D
14.3%
1Y
251.7%
7741
JP¥28,510.00
HOYA
7D
1.4%
1Y
63.9%

HOYA Corporation Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Predictions

Feb 03
HOYA Corporation Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Predictions