Report published September 25, 2026

Goldman Sachs: Japan Weekly Kickstart: AI and Financials Leading the Increase in Liquid Japanese Names

Goldman Sachs · September 25, 2026

Goldman Sachs highlights a significant expansion in liquid Japanese equities, driven primarily by strong investor interest in AI and Financials, which now represent 106 of Japan's 300 most liquid names. The firm maintains a constructive equity view with a 12-month TOPIX target of 4,600 while noting GS FX Strategy's lower USD/JPY forecasts toward 150 over 12 months.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.Liquidity in Japanese equities has broadened and concentrated heavily into AI beneficiaries and Financials, with stocks trading over US$20mn ADTV expanding from 200–250 in 2023 to 300–350 by 2026.
2.AI and Financials account for 106 of the 300 most liquid companies in Japan, seeing their median ADTV surge from under US$5mn to peak above US$20mn in late June 2026.
3.GS FX Strategy revised down USD/JPY forecasts to 158 (3M), 155 (6M), and 150 (12M), citing a faster pace of BoJ rate hikes, FX intervention risks, and Japanese investor rotation into domestic assets.

Summary of the week
Japan AI and Financials interest driving greater levels of TOPIX liquidity
Market Dashboard
Strategy Focus
Valuation/Performance
Flows/Positioning/Earnings Momentum
Style/Baskets
Sector Performance/Revisions/Valuations
Performance table (by sector)
Best-Worst spread table (by sector)
Top 10 performers in whole liquid universe
Bottom 10 performers in whole liquid universe
Top 10 overbought names in whole liquid universe
Top 10 oversold companies in whole liquid universe
Top 5 Performers (by sector)
Bottom 5 Performers (by sector)
Top 5 overbought names (by sector)
Top 5 oversold names (by sector)
Sector Dashboard
52-week Weekly Spread Charts
Appendix One - Methodology

Report data

Exhibit 1: Liquidity in TOPIX has increased — as of September 25, 2026.

Metric	Estimate	Context
TOPIX Level	4,128.59 index points	Summary of the week TOPIX index closing level and 1-week gain.
Nikkei 225 Level	66,364.20 index points	Summary of the week Nikkei 225 closing level and 1-week gain.
Number of Japanese stocks with ADTV > US$20mn	300-350 stocks	Expansion in the liquid Japanese equity universe.
AI and Financials in top 300 liquid names	106 companies	Number of AI and Financials companies among Japan's 300 most liquid stocks.
TOPIX 12M Target	4,600 index points	Goldman Sachs 12-month target for TOPIX.