Stocks appear poised to post continued strong returns, with the S&P 500 on track to gain 20 percent in 2014, Blackstone Advisory Partners Vice Chairman Byron Wien said Friday.

"I said at the beginning of the year I thought the market was poised for a selloff. My feeling was that sentiment was too positive. Everybody made money last year, no matter what you owned. You may not have kept up with the S&P 500, but you logged in a good profit by year end," he said on CNBC's "Halftime Report."

While the market could still correct, Wien said that the case for equities was still strong.

(Read more: Byron Wien: 10 percent correction looms–here's why)

"What I thought at the beginning of the year was we would have a decline. We did, 5 or 6 percent. I thought it might be even more than that," he said. "I'm not altogether sure it's over, but I do think the year is going to be a good year."

Wien also said that Japan's Nikkei index could see a drop of 20 percent this year, citing an aging population, a peak in its workforce and its status as a "high-cost producer in a low-cost area."

(Read more: Japanese equities poised to pop: Stephen Parker)

"The Nikkei is already at a 10 percent selloff just in January," he said. "My feeling is that Japan has problems that are peculiar to that country alone."

—By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.