Nikko Securities Predicts Nikkei 225 Could Hit 65,000 by Year-End 2026

Yoshimasa Maruyama, chief economist at Nikko Securities, predicted on May 19 that the Nikkei 225 index could reach approximately 65,000 points by year-end 2026, driven by recent stock market momentum and potential structural shifts supported by stable, long-term government policy. He forecasted the index could rise to around 73,000 points by the end of 2027 and approximately 80,000 points by the end of 2028.

Maruyama cautioned that escalating Middle East tensions could alter the outlook. “If the conflict in the Middle East intensifies into a serious supply constraint—not just higher oil prices—expected asset prices, including stocks, could be revised downward,” he noted.