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Is it time to give up on Japan?
Nomura says Japan's long awaited economic recovery is already running out of steam.
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Other markets
'We believe lower valuations and improving earnings should lead to outperformance, with the weakness of the euro contributing to further analyst upgrades over the coming months. Within Europe, we have reduced our overweight position on the UK market.'
In terms of emerging markets, Scott is most positive on Russia and is tipping Turkey as a top performer over the next 12 months.
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