According to an equity strategist at Citigroup Global Markets Japan, Japanese stocks are poised to enter a bear market.

Key quotes (via Bloomberg)

“The Nikkei 225 Stock Average may eventually drop to 24,000 and the Topix may fall to 1,600 -- about 14% and 17% below current levels, respectively.”

Now that the market’s hopes for a dovish bias to Fed policy have been dashed, there may be an “intensifying adjustment for Japanese equities in the near future.”

“We think visibility on the scenario we had been outlining, namely that Japanese equities would peak moving forward, has risen.”

“We sense that a bear market for Japanese equities over the immediate future is all but unavoidable and foresee investors shifting from growth to value and from cyclicals to defensives.”