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Japan Equities

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Modeled fair value
EWJ · Japan Broad Market
-1.0Somewhat expensive
406080100120140160FAIRMARKET
P10–P90P25–P75Median fair valueToday's market price = 100

Today’s price sits at the 67.2th percentile of modeled fair value — 33% of modeled scenarios put fair value above the market.

Median fair value
95.4
index, market = 100
Upside to median
-4.6%
Last close
$92.84
2026-11-02
Confidence
moderate-high
69/100
Modeled returns

Return distributions, not point forecasts

Percentiles describe the spread of scenario outcomes under the stated method. The width of the range carries as much information as the midpoint.

One year

modeled
P90
+24.0%
P75
+16.0%
Median
+7.0%
P25
-2.5%
P10
-13.0%

68% of modeled scenarios end positive.

Dividend and buyback yield (about 3.3%) plus mid-single-digit earnings growth less partial valuation convergence, in U.S. dollar terms with currency risk inside the dispersion.

Three years, annualised

modeled
P90
+14.0%
P75
+10.5%
Median
+6.5%
P25
+2.5%
P10
-2.5%

Income plus earnings growth from continued capital-efficiency gains, with gradual valuation convergence.

Against the Treasury hurdle

1y Treasury
4.38%
Modeled excess
+2.6%
Basis
direct

Modeled expected edge over the 1-year Treasury par yield; not a guaranteed excess return.

Instruments

5 in this asset class

SymbolValuationFair valueLast close1y modeled
EWJ
Japan Broad Market
-1.0Somewhat expensive95.4$92.84+7.0%
JPXN
Japan JPX-Nikkei 400
—Unavailable—$100.58—
DXJ
Japan Hedged Equity
—Unavailable—$58.89—
EWJV
Japan Value Equity
—Unavailable—$46.89—
SCJ
Japan Small-Cap Equity
—Unavailable—$105.98—