トルコ化する日本株？｢実質ゼロ成長｣でも日経平均15万円が視野に入る"不都合な真実" | 投資 | 東洋経済オンライン

This page analyzes the Nikkei 225's rise to the 50,000 yen level, attributing it to yen depreciation and inflation boosting corporate profits. Stock prices are determined by "profit × valuation multiple," with recent gains driven primarily by profit increases rather than valuation expansion. The article explains how large Japanese corporations' foreign currency earnings expand in yen terms due to weak yen, and how inflation increases nominal values. The piece warns that Japan faces a "nominal trap" similar to Turkey's situation, examining the "inconvenient truth" underlying scenarios for the Nikkei reaching 150,000 yen.