Asia-Pacific Weekly Kickstart

Goldman Sachs upgrades Japan to Overweight and raises the regional MXAPJ target to 890, driven by a revised 2026 earnings growth forecast of 31%. The recovery is led by semiconductor strength in Korea and Taiwan and positive election outcomes in Japan.

Key Takeaways

• 1.Goldman Sachs has raised its 2026 regional earnings growth forecast to 31% and the MXAPJ 12-month target to 890, implying a 13% USD upside.
• 2.Japan is upgraded to Overweight (OW) based on electoral support for higher valuations and a positive macro outlook.
• 3.The semiconductor sector is the primary driver of earnings growth, particularly in Korea and Taiwan.

Table of Contents

• Charts of the Week
• MSCI Index Review
• Result Summary
• Asia Regional Market/Sector Summary & Scorecard
• Our Views, Allocations and Trade Ideas
• Goldman Sachs Global Macro Forecasts
• Upcoming Catalysts and Events
• Performance Snapshot
• Earnings Revisions and Sentiment
• Valuations in Context
• Fund Flows and Liquidity
• Equity Risk, Volatility and Correlation
• Policy Risk Indicators
• Tracking Regional Macroeconomic Indicators

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