Japanese Equities Hold Amid Middle East Ceasefire

BofA Global Research says Japanese equities may have hit a bottom after a two‑week US‑Iran ceasefire, boosting recovery odds.
TOPIX P/E stayed steady as distant crude oil futures were stable despite near‑term WTI price spikes, limiting earnings impact.
BofA warns prolonged Strait of Hormuz closure could trigger significant industrial strain and stagflation pressures for Japan.
Investors should focus on high‑quality Japanese stocks that have already priced in war premiums while monitoring peace verification.