According to Jinshi Data, UBS strategist Nozomi Moriya said in a report that they lowered their targets for Japanese stock indices due to the strengthening of the yen and new GDP and CPI forecasts. By the end of 2024, the Topix target was lowered from 3,000 points to 2,800 points, and the Nikkei target was lowered from 42,000 points to 39,000 points. By the end of 2025, the Topix target was lowered from 3,200 points to 3,000 points, and the Nikkei target was lowered from 44,000 points to 41,000 points. The target reduction reflects changes in the Bank of Japan's monetary policy and foreign exchange trends. However, UBS is optimistic about the potential upside of the Japanese stock market due to its low stock valuations and progress in corporate transformation.