Editor’s Note
This article examines the remarkable surge across multiple asset classes in 2025, from Japanese and U.S. equities to gold and Bitcoin, and explores the potential drivers and outlook for the coming year.
A succession of all-time highs. Undeterred by the shock to the stock market from the Trump tariffs that occurred in April 2025, the Nikkei Stock Average recorded a historic high of 52,411 yen in October, and the market remained in excellent shape towards the year-end.
It’s not just the Nikkei Average. Major US stock index S&P 500, gold prices, and even Bitcoin (though it has fallen recently) all hit record highs in 2025. Currently, the world’s investment markets are on a roll.
What lies behind this global “money explosion”? On the next page, we will use a big illustration to uncover the five structural factors behind it. We will illustrate the major backdrop driving the stock market rally, including the structure of the global “excess liquidity” and corporate trends.
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