The second quarter is shaping up to be a high point for corporate Japan in recent memory, with the majority of companies beating consensus estimates in their earnings reports, compared to most other firms around the world.
According to research from Morgan Stanley, over 13 percent companies listed on Japan’s broader Topix index have delivered net income above expectations for the second quarter, compared to about 4 percent on the S&P 500, while other benchmark indexes globally like the MSCI Europe are in the negative when it comes to the same measure.
“In terms of breadth, 56 percent of the Japanese companies have beaten consensus earnings estimates, while only 28 percent have missed, showing a broad-based beat,” Jonathan Garner, chief Asia and emerging market equity strategist at Morgan Stanley said in a report on Monday.
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