SINGAPORE — Japan's stock market has seen strong gains this year, rising more than 11% since the start of 2020.
After spending decades off its all-time high in December 1989, the Nikkei 225 soared in recent days to levels not seen since the early 1990s.
But Nikko Asset Management's John Vail said the Japanese benchmark index is set to trade even higher going into 2021, as stocks in the world's third largest economy are "sort of firing on all cylinders."
North Asia has often been praised for its relatively strong management of the coronavirus pandemic, with major economies in the region weathering the crisis better compared to some of their peers elsewhere.
The recent bounce in Japanese stocks has in part also been bolstered by positive momentum on the coronavirus vaccine front that triggered gains across many major markets globally, with the Dow Jones Industrial Average breaching the 30,000 level.