Japan's stock markets are 'oversold and unloved' — the opposite of those in the U.S., said Morgan Stanley, predicting that the Topix may jump as much as 15% by June 2020.
, after stronger-than-expected quarterly profits from some of the largest publicly traded American companies.
"Although Europe and Japan can both be classified as being both unloved and undervalued, we prefer the latter as we feel that it offers a better potential earnings and profitability story and more compelling undervaluation," it added. But the bank painted a rosy outlook for corporate earnings, and said that any improvement in China's economy could also be good news for Japanese companies.
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