日股全年上涨26%，涨幅比欧美突出

Core Viewpoint - The Nikkei average index closed above 50,000 points for the first time, driven by global expectations for generative AI and stable inflation in Japan, with a 26% increase in 2025, outperforming the US Dow Jones for three consecutive years [2][4]. Group 1: Market Performance - The Nikkei average index closed at 50,339 points on December 30, down 0.4% from the previous day, but still marked the highest year-end point for two consecutive years [4]. - Global stock market capitalization reached $146 trillion, increasing by $25 trillion (20%) over the year, with almost all major countries experiencing stock index gains [4]. Group 2: Economic Factors - Major countries' monetary easing has led to abundant investment funds, with the US Federal Reserve expected to cut rates three times and the European Central Bank four times by 2025 [6]. - The rise of AI-related stocks in the US has mirrored global trends, with significant investments in data center equipment by major tech companies like Microsoft [6]. Group 3: Japanese Market Dynamics - Japanese AI-related stocks, such as Advantest, SoftBank Group, and Tokyo Electron, are expected to benefit from increased demand, significantly boosting the Nikkei index [7]. - The Japanese stock market's performance has been notably strong, with a 14% increase in 2025, marking the first time since the 1989 bubble that it has outperformed the US Dow Jones for three consecutive years [7][8]. Group 4: Inflation and Corporate Earnings - Japan's inflation has stabilized, with consumer price increases exceeding the government's 2% target since April 2022, leading to expectations of wage increases of over 5% in 2026 [7][8]. - The expected earnings per share (EPS) for TOPIX constituents have reached 2.2 times the levels seen at the end of 2020, slightly surpassing the S&P 500's growth [8]. Group 5: Foreign Investment and Policy Implications - Foreign investors purchased over 5 trillion yen in Japanese stocks this year, the largest since the first year of Abenomics in 2013 [8]. - The new government's aggressive economic policies may pose risks to stock price increases, as fiscal expansion under inflation could lead to concerns about economic growth and fiscal health [8].