Japan's leading stocks could face near-term selling pressure, Wall Street banks say

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HONG KONG : Japan's top-performing stocks are at risk of a sell-off because of overcrowded long positions in liquid and large companies, strategists from U.S. banks Morgan Stanley and JP Morgan say.

Visitors walk past Japan's Nikkei stock prices quotation board inside a conference hall in Tokyo, Japan September 14, 2022. REUTERS/Issei Kato/File PhotoHONG KONG : Japan's top-performing stocks are at risk of a sell-off because of overcrowded long positions in liquid and large companies, strategists from U.S. banks Morgan Stanley and JP Morgan say.

Japanese stocks have hit record highs this month, surpassing a previous peak in 1989, as investors bet on better growth and corporate governance. The year-long rally has continued even after the Bank of Japan exited a decades-long negative rates policy. Similarly, Morgan Stanley noted that large-cap Japanese stocks began to lose some steam in March, with the stocks tracked by the bank posting a moderate gain of 2.5 per cent this month compared to 6.2 per cent in February.

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