| Over the last five years the Nikkei 225, the main Japanese stock market index, has risen by an impressive 141%, which is well ahead of other markets such as the US, the UK and Germany. Despite these strong returns Japan remains one of the cheapest developed markets in the world. Hideo Shiozumi, who manages the Legg Mason IF Japan Equity fund, thinks that the Nikkei could hit 30,000 in the next few years, which suggests further upside of 30% for the broad market index.
Prime Minister Shinzo Abe, who is just starting his sixth year in office, has brought in a series of pro-business measures that are designed to increase lending and simulate investment. If successful they could help to prolong the current period of economic growth and may enable the central bank to achieve its 2% inflation target, which could signal an end to the decades of deflation. | 
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