As the Nikkei powered to a six-year high this week, HSBC's chief global equity strategist told CNBC why he's not buying into Japan's 'economic miracle.'
The radical plan that Japanese policy makers pursued to haul Japan's beleaguered economy out of an over decade-long period of inflation this year through massive monetary easing, fiscal stimulus and structural reform, has captured the imagination of investors worldwide.
(Read more: BOJ talk spices up Japan markets)
'Abenomics,' as the policies are known, has helped power Japanese stocks rise around 50 percent this year, double the S&P 500's 25 percent year-to-date gain, while the Japanese yen has simultaneously weakened 18 percent.
But Garry Evans, chief global equity strategist at HSBC, told CNBC Asia's Squawk Box on Wednesday that the fact that so many investors were bullish on Japan was the main reason why he was steering clear.
"I seem to be the last person or the only person in the world who is underweight Japan. I've been all around the world meeting investors and I'm literally yet to find a single person who agrees with my underweight," said Evans. "And that's part of the reason why I'm underweight. If everyone likes a market, who's the next person to step in and buy it? Because everyone has already bought it," he added.
(Read more: Japan economic package to total $182 billion)