Japanese markets have made steady gains so far this week — and one bottom-up investor sees potential for them to advance even further. "When we look at Japan — it's very difficult not to be bullish on stocks. Because even companies that are struggling in terms of earnings have depressed valuations and may not see a drastic fall in their stock price even if earnings are weak," Mio Kato, founder of capital markets firm LightStream Research, said.
Still, Kato sees potential in the longer term given strong domestic patronage. "The domestic demand increase is now complementing higher inbound demand from tourists for the sector. So overall, department stores look quite interesting," he added. He also highlighted that the gradual retirement of older workers commanding higher salaries bodes well for the company.
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