TOKYO -- Can domestic-demand-linked stocks replace semiconductor issues as the next driver of Japan's historic market rally? All will depend on the strength of consumer spending.
The Nikkei Stock Average rose 20.6% in the first quarter -- the fastest pace for the period since the 21.8% jump logged in 1988. The broader Topix index has climbed 17% so far in 2024. The forward price-earnings ratio has risen 13.4% this year, and this can explain more than 80% of the stock price growth.
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