Japan’s Nikkei has risen 24% this 12 months with a price-to-earnings (P/E) ratio of twenty-two, making it cheaper than the Nasdaq, which is up 19% and trades at a P/E of 34. Europe’s STOXX index has risen 13% with a P/E of 18. Forward of the Japanese management election, overseas traders purchased ¥4.36 trillion ($28.9 billion) of Japanese shares, the most important consecutive buy weeks since no less than 2005.
