Analysts believe that in the coming months, Japanese stock indexes will be in trouble due to a stronger yen, weak consumer spending, too many investors chasing a small range of stocks, competition from overseas stock markets, and domestic political instability. Naka Matsuzawa, chief strategist at Nomura Holdings, expects Japanese stocks to fall around 5% over the next six months, while analysts at JPMorgan Chase & Co. and Saxo Markets expect stock market gains to slow to around 5% to 10% next year, following a more than 20% rise in 2023.