Nikkei After the US Selloff: Why Even a 3,000-Point Plunge Looks Like a Buying Opportunity
- Weak US May payrolls (+170k, jobless rate flat at 4.3%) triggered a sharp Wall Street selloff
- Toyo Keizai column argues even a 3,000-point Nikkei drop on June 8 would be a dip to buy
- Core logic: Japan's earnings power and governance reform story is unchanged; the shock is American
- For overseas investors, a stronger yen offers a cheaper entry rate into Japanese equities
The epicenter of this selloff is the United States, not Japan. Weak May payrolls revived recession fears and dragged global risk assets down, but the pillars of Japan's two-year bull run - corporate earnings reform, TSE governance pressure, and inflation-driven pricing power - remain intact. Toyo Keizai's columnist goes further: even a 3,000-point crash on Monday should be treated as a dip to buy, given Japan's valuation discount to the US and a safe-haven yen that makes entry cheaper for foreign money. The obvious risk: if US data keeps deteriorating into a genuine recession, export-heavy Japanese earnings will be cut, and the dip becomes a falling knife. Watch whether US weakness proves noise or the opening act of a downturn before averaging in.