After this year's stellar rally in Japan's once-lethargic shares, is it time to start shifting bets to the region's other sleeping giant, China?
The contrast between the two markets this year is stark: Japan's Nikkei has surged more than 48 percent year to date, compared with the Shanghai Composite's around 1.4 percent decline, suggesting the mainland could have value on its side.
But analysts don't appear convinced it's time to make a switch.
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"For now, there is one very big market called Topix/Nikkei firing on all cylinders and we expect more. Why should you ask yourself too much about China, which has been a casualty," asked Alain Bokobza, head of global asset allocation at Societe Generale.
"The yen has further to fall; this will send the Nikkei up again. So you have a very, very hard competitor, if you were to look at the competition between China equities and Japan equities in the very short term," he told reporters. Societe Generale has set a Nikkei target of 17,500 for the end of 2014, compared with its current level around 15,400.