Bloomberg reports that according to a strategist at Daiwa Securities Co., Japan’s Nikkei 225 Stock Average may surpass 30,000 yen by the end of next year as corporate earnings improve amid an easy monetary policy and overseas demand for equities. 

Companies will post profits in fiscal 2021 as people and companies adapt to life with coronavirus, vaccines are developed and economic activity gradually normalizes, Kenji Abe, a strategist at Daiwa, wrote in a note.

The forecast is among the most bullish among the institutions beginning to price in a rally in Japanese equities. Goldman Sachs Japan Co. and Nomura Securities Co. earlier boosted their outlook for the blue-chip gauge, with Goldman setting a 12-month target of 27,200 and Nomura seeing the average at 28,000 by the end of 2021.