“Abe has set out a very ambitious road map and we have something to hold the government accountable for. I think he will push hard for the “third arrow” agenda [of structural reforms] it’s just a question of whether the markets have the patience,” said Izumi Devalier, Japan economist at HSBC in Tokyo told CNBC Asia’s “The Call.”
(Read More: Markets Vote Down Abe’s Growth Plans)
Rob Aspin, the head of equity investment strategy at Standard Chartered Bank, said he expected the Japanese stock market to stabilize, with the Topix index likely to find support around the 1060 level.
The Topix, which Aspin said provided a better reflection of the underlying market, was trading at 1089 on Thursday.
(Read More: Relax, Sign Points to Eventual Rally in Japan Stocks)
“Given the strength of the market since the November lows, a sell-off was due and that has now taken place and we would expect the market to find some support and go through a period of stabilization before it performs better,” he said.
“We have seen periods like this in Japan before, between 2003 and 2006 the market rallied by over 100 percent and the Bank of Japan is being particularly aggressive so this time the market has a similar potential.”
– By CNBC.Com’s Dhara Ranasinghe, Follow her on Twitter: @DharaCNBC
Can the Nikkei Escape From the Bears?
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