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最近の日経平均の力強い動きは、進行中の円安と強く相関しているように思えます。輸出志向の企業が恩恵を受けるのは確かですが、現在の水準にどれだけ有機的な国内成長や根本的な改善が本当に織り込まれているのか、それとも現時点ではほとんどが通貨の動きによるものなのか、疑問に感じ始めています。多くの人にとって、堅実な株式のファンダメンタルズというよりも、通貨ペアを追いかけているような感覚です。皆さんもそう思いますか、それとも何か見落としている点がありますか？
That's a valid point about the JPY's impact. While exporters definitely get a boost, I've been wondering if the domestic consumer base is feeling any pinch from higher import costs, which could eventually put a ceiling on organic growth. It's a complex dynamic to untangle.
I think it's fair to say currency plays a huge role. How much of the domestic strength is sustainable if the yen were to significantly strengthen, and how would that affect the major indices?
It's certainly hard to ignore the yen's influence, almost as if the Nikkei has discovered a cheat code for export-driven growth. One has to wonder how long they can keep up the 'weak yen, strong stocks' charade before someone calls for a re-evaluation of its intrinsic value, beyond just its currency's performance.
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