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Japanese (NIKKEI) Market Analysis & Valuation

UpdatedJan 11, 2026
DataAggregated Company Financials
Companies3945
  • 7D3.0%
  • 3M9.5%
  • 1Y28.9%
  • YTD1.1%

The market is up 3.0% over the last week, with the Industrials sector leading the way, up 4.1%. The market is up 29% over the last 12 months. As for the next few years, earnings are expected to grow by 8.7% 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, 12 Jan 2026JP¥1190.9tJP¥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
Sun, 26 Mar 2023JP¥709.0tJP¥932.7tJP¥46.1t12.6x15.4x0.8x
Tue, 21 Feb 2023JP¥737.4tJP¥934.4tJP¥46.6t12.7x15.8x0.8x
Thu, 19 Jan 2023JP¥713.2tJP¥903.5tJP¥49.1t12.2x14.5x0.8x
Price to Earnings Ratio

14.5x


Total Market Cap: JP¥713.2tTotal Earnings: JP¥49.1tTotal Revenue: JP¥903.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Japanese Market Price to Earnings3Y Average 16.1x202420252026
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 18.5x which is higher than its 3-year average PE of 16.1x.
Past Earnings Growth
  • The earnings for Japanese listed companies have grown 9.4% per year over the last three years.
  • Revenues for these companies have grown 4.4% 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 Market2.98%
Financials5.24%
Industrials4.15%
Energy4.12%
Healthcare3.98%
Tech3.86%
Materials3.85%
Real Estate2.59%
Consumer Discretionary1.63%
Utilities0.51%
Consumer Staples-0.79%
Telecom-0.85%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 24.2x.
    • Analysts expect its future annual earnings growth (14.6%) to be largely in line with prior year's earnings growth.
    • The market's confidence could indicate that the market believes that analysts are underestimating future growth.
  • 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 Materials sector, expecting annual earnings growth of 15% over the next 5 years.
  • This is better than its past earnings growth rate of 6.9% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 4.4% 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
9983 Fast RetailingJP¥62.75k10.2%
+JP¥1.8t		28.9%PE42.9xConsumer Discretionary
8035 Tokyo ElectronJP¥37.91k10.5%
+JP¥1.6t		40.3%PE32.1xTech
8306 Mitsubishi UFJ Financial GroupJP¥2.64k6.0%
+JP¥1.6t		38.8%PB1.4xFinancials
7011 Mitsubishi Heavy IndustriesJP¥4.27k11.1%
+JP¥1.4t		96.9%PE54.5xIndustrials
285A Kioxia HoldingsJP¥12.69k21.6%
+JP¥1.2t		531.7%PE44.2xTech
See more

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Latest News

9983
JP¥62,750.00
Fast Retailing
7D
10.2%
1Y
28.9%

Fast Retailing Co., Ltd. Just Recorded A 16% EPS Beat: Here's What Analysts Are Forecasting Next

Jan 10
Fast Retailing Co., Ltd. Just Recorded A 16% EPS Beat: Here's What Analysts Are Forecasting Next
285A
JP¥12,690.00
Kioxia Holdings
7D
21.6%
1Y
531.7%
8411
JP¥6,195.00
Mizuho Financial Group
7D
8.7%
1Y
59.5%

8411: Buyback And Higher Dividend Will Support Steady Longer-Term Shareholder Returns

Analysts have lifted their price target on Mizuho Financial Group to ¥5,751.82 from ¥5,435.45, citing slightly lower assumed revenue declines, a modestly higher profit margin, a small change in the discount rate, and a marginally higher future P/E multiple as key drivers of the update. What's in the News Mizuho Financial Group approved a share repurchase program of up to 60,000,000 shares, or 2.41% of issued share capital, for ¥200,000 million.
8035
JP¥37,910.00
Tokyo Electron
7D
10.5%
1Y
40.3%

8035: Higher Payouts And Upgraded Guidance Will Still Leave Shares Overpriced

Analysts have nudged their price target for Tokyo Electron slightly higher to ¥25,869, reflecting updated assumptions around revenue growth, profit margins, and a modestly lower future P/E multiple. What's in the News Tokyo Electron raised its consolidated earnings guidance for the fiscal year ending March 31, 2026, now expecting net sales of ¥2,380b, operating income of ¥586b, net income attributable to owners of parent of ¥488b, and net income per share of ¥1,064.77, compared with prior guidance of net sales of ¥2,350b, operating income of ¥570b, net income attributable to owners of parent of ¥444b, and net income per share of ¥969.12 (Key Developments).
8267
JP¥2,182.00
Aeon
7D
-11.9%
1Y
86.2%
7974
JP¥10,165.00
Nintendo
7D
-4.1%
1Y
9.9%

Nintendo's (TSE:7974) Dividend Will Be Increased To ¥139.00

Jan 08
Nintendo's (TSE:7974) Dividend Will Be Increased To ¥139.00
8306
JP¥2,642.00
Mitsubishi UFJ Financial Group
7D
6.0%
1Y
38.8%
9433
JP¥2,680.00
KDDI
7D
-1.1%
1Y
13.0%

9433: Future Margins And Capital Returns Will Reflect Stable Fair Value Outlook

Analysts now place their price target for KDDI at ¥2,794, up from ¥2,725. This reflects updated fair value estimates and slight adjustments to projected growth, margins, and future P/E assumptions.
9502
JP¥2,226.00
Chubu Electric Power Company
7D
-7.7%
1Y
38.8%

Here's Why Chubu Electric Power Company (TSE:9502) Has A Meaningful Debt Burden

Jan 07
Here's Why Chubu Electric Power Company (TSE:9502) Has A Meaningful Debt Burden
6501
JP¥5,135.00
Hitachi
7D
4.8%
1Y
34.8%

6501: Government Energy And AI Infrastructure Will Support Measured Future Upside Potential

Analysts have nudged their price target on Hitachi slightly higher to reflect small adjustments in fair value, discount rate, revenue growth expectations, profit margin, and future P/E assumptions. The overall change is framed as a modest uplift rather than a major reset.
6762
JP¥2,141.50
TDK
7D
-3.1%
1Y
13.0%

6762: Raised Guidance And Battery Collaboration Will Support Future Upside Potential

Analysts have lifted their fair value estimate for TDK from ¥2,480 to ¥3,200, citing updated assumptions for revenue growth, profit margins and future P/E, even as the stock was recently removed from a conviction list. Analyst Commentary Even with the recent removal of TDK from a major APAC Conviction List, recent fair value work suggests that some research desks still see room for upside if the company delivers on updated revenue and margin assumptions.
9984
JP¥4,263.00
SoftBank Group
7D
-3.1%
1Y
84.3%

9984: Future OpenAI Exposure And Rising Arm Margin Debt Will Drive Upside Risk

Analysts have revised their price target on SoftBank Group to ¥3,029.36 from ¥9,400.00, reflecting updated assumptions around the discount rate, revenue growth, profit margins and future P/E expectations. What's in the News SoftBank plans to invest up to US$3b to remodel an EV plant in Lordstown, Ohio, to produce equipment for OpenAI's upcoming U.S. data centers, according to The Information.
6758
JP¥3,876.00
Sony Group
7D
-3.7%
1Y
19.8%

6758: Entertainment Subscriptions And Franchises Will Drive Future Earnings Re Rating

Our analyst price target for Sony Group has edged up from ¥5,146.80 to ¥5,191.60 as analysts factor in higher operating profit forecasts tied to renewed growth expectations for PS Plus, sustained music streaming momentum, and the perceived strength of Sony's combined games, anime, and music franchises. Analyst Commentary Bullish analysts are nudging price targets higher for Sony Group, pointing to what they see as improving fundamentals in games, music, and subscription services, along with stronger than expected recent results.
7011
JP¥4,267.00
Mitsubishi Heavy Industries
7D
11.1%
1Y
96.9%

7011: Ethanol Alliance And Earnings Outlook Will Support Higher Future Returns

Analysts now set their fair value estimate for Mitsubishi Heavy Industries at ¥5,300, up from ¥3,848.99, citing revised assumptions for revenue growth, profit margins, future P/E levels and an updated discount rate. What's in the News Mitsubishi Heavy Industries issued revised consolidated earnings guidance for the fiscal year ending March 31, 2026, with expected revenue of ¥4,800,000 million, profit from business activities of ¥390,000 million, profit attributable to owners of the parent of ¥230,000 million, and basic earnings per share of ¥68.49 (company guidance).
6367
JP¥19,330.00
Daikin IndustriesLtd
7D
-3.7%
1Y
5.1%

Here's What To Make Of Daikin IndustriesLtd's (TSE:6367) Decelerating Rates Of Return

Jan 04
Here's What To Make Of Daikin IndustriesLtd's (TSE:6367) Decelerating Rates Of Return
8316
JP¥5,253.00
Sumitomo Mitsui Financial Group
7D
4.2%
1Y
39.9%

Sumitomo Mitsui Financial Group (TSE:8316) Is Increasing Its Dividend To ¥79.00

Dec 25
Sumitomo Mitsui Financial Group (TSE:8316) Is Increasing Its Dividend To ¥79.00