Japan Investment Strategy Nikkei to 20,000: Inventory cycle upturn → cyclicals; inflation → banks, insurance Investment Strategy 18 November 2016 Unauthorized redistribution of this report is prohibited. This report is intended for [email protected] Bullish equities 2017; rotation into cyclicals, banks, insurance We are bullish Japan equities for 2017 and we estimate the Nikkei 225 index will recover to 20,000 by end-2017 (see $/¥’s eventual surge: Buy Nikkei 06 September 2016). Our