Japan’s vaccination effort is starting to gain adherents among investors who had once blamed it for holding the equity market back.
For months, Japanese shares have been weighed down by widespread criticism that the country’s COVID-19 vaccination program was trailing other developed nations. But as the rollout begins to inch forward, with the country administering more than 1.3 million doses in the past three days, some strategists are expecting the narrative to shift.
"It’s really gathering speed,” said Tomoichiro Kubota, a senior market analyst at Matsui Securities Co. in Tokyo, referring to the government’s program. "People have been saying it’s slow, but now it’s starting to get into full swing and you’re starting to see that reflected in the stock market.”