Extracts from Nomura’s Individual Investor Survey
Area of investment focus: Stock price movements and technical factors (13.7%), High earnings and growth (13.9%), Stable earnings and growth (46.4%), Dividends and shareholder returns (26.0%)
(1) Outlook on the stock market is mostly positive but surveyed trading activity decreased again on a monthly basis with investors seeming to take more a cautious approach — 80.7% of the respondents said they expect the Nikkei Average to rise during the next three months. Nomura gauges responses in 1,000 point N225 increments and of those expecting a rise, 37.8% responded for +1,000, 33.3% for +2,000, 6.9% for +3,000 and 2.7% for >+3,000.
(2) Among market impact factors, geopolitical risk appears to be a main concern for investors
(3) Information & telecommunications was the top choice as the most appealing sector; 2nd was resources; and 3rd was pharmaceuticals & healthcare replacing 'consumer related' from last month
Least appealing: Resources, construction & real estate, and financials
(4) In the survey's feature question respondents gave mixed results on their views of JASDAQ and other startup markets. 32.6% of respondents said such markets are "attractive." 14.1% said they are "not attractive" due to volatility and potential fraud. 40.2% answered "neither attractive nor unattractive."
Top-5 Most Watched Stocks: (survey respondents were only allowed to choose 1 stock; Japanese tickers are 4-digit codes)