Contents

(1) Relationship between weak yen, wages, inbound demand

(2) We revise up our TOPIX EPS top-down forecasts

2. Nomura strategists’ equities portfolio

3. Supply-demand: nonresidents cautious on Japanese equities, while nonfinancial corporations and Japanese active funds take a proactive stance – why the difference?

(1) Lifting entry restrictions into Japan could be key to changing nonresident investors’ cautious stance (2) Trading by investor category

4. Quant strategy: shelf life of stocks with bullish guidance

Focus on reversal of performance following revisions to consensus forecasts 5. Topic: office vacancy indicator based on GPS data

An early indicator of post-pandemic office demand

6. Basic data on Japanese equities

Appendix A-1