Japanese stocks, already up nearly 51 percent so far this year, may get another leg higher after the country’s lawmakers last week submitted a long-awaited bill to legalize casinos.
The bill is considered likely to succeed as it has backing from Prime Minister Shinzo Abe, with lawmakers hoping to ensure the first casinos are ready for business in time for the 2020 Tokyo Olympics. The bill is expected to be passed in the first half of next year, press reports say.
“Any local politician who votes against it can go and get his coat because he’s probably out of a job,” Nicholas Smith, a Japan strategist at CLSA, told CNBC. He advised buying Japan’s casino plays.
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