Tokyo is one of three cities in the running to host the 2020 Olympic Games and with a vote on the successful country due in September, there are a number of Japanese stocks that could do well if Tokyo wins the bid, says one equity strategist.
Well-known brands such as Canon, advertising firm Dentsu and security company Secom are among the companies that Ben Collett, head of Asian equities at Sunrise Brokers in Hong Kong, recommends investors snap up if they think Tokyo has a good chance of hosting the Games.
(Read more: The Olympic effect: Good for the economy)
Japan's capital city is going head-to-head with Madrid and Istanbul in the bid to host one of the world's most famous sporting events, and according to media reports, Tokyo has a narrow edge over its rivals.
"Construction firms have been doing well in anticipation of Tokyo winning the bid and among the other names we think will do well include the big brands that will get exposure from sponsorship deals such as Softbank, Hitachi and Fujitsu," said Collett.
He said his firm did not take positions in these companies but had advised clients to buy them.
"We had recommended a short position in Fast Retailing, which we've taken off," he said, referring to the Japanese retailer which runs the Uniqlo fashion chain.
Japan's blue-chip Nikkei has been the best performing major equity market this year, with gains of about 30 percent.
A mix of aggressive monetary stimulus from the Bank of Japan, brighter economic prospects and a weak yen, have all propelled Japanese shares higher and a successful win for Tokyo in the 2020 Olympic bid could give the market an additional boost.
(Read more: At last, inflation in Japan is speeding up)
"There is an expectation that Tokyo will win the Olympic bid so there are a number of stocks you could buy to position for that," said Collett. "If you have to narrow down the list then I would say Canon, Fast Retailing, Dentsu and Secom."
— By CNBC.com's Dhara Ranasinghe; follow her on Twitter @DharaCNBC