TOKYO, June 5 (Reuters) - Nomura Holdings Inc (8604.T), Japan's largest brokerage, will launch a global campaign to market Japanese stocks this month as foreigners remain underweight Japan.
Seiichiro Iwasawa, Nomura's chief strategist, and Sean Darby, its chief strategist Asia, will visit investors in Europe and U.S. in a campaign named Nomura Pan-Asia Equity Caravan 2008, Hiromasa Yamazaki told Reuters in an interview.
"We are strongly convinced that Japanese stocks are recovering and will continue this momentum," he said.
The Nikkei share average .N225 gained about 22 percent until today since the year's low hit on March 17 on receding pessimism about financial crisis. The index lost 11.1 percent in 2007.
Foreign investors have been net buyers for eight straight weeks ending on May 23, the Tokyo Stock Exchange data shows.
Goldman Sachs Group Inc (GS.N) said it saw "the substantial rise in interest in Japan" in a visit to U.S. investors in the last week of May, according to a report published on June 2.
"While other stock markets have struggled to make headway in the face of higher inflation and oil prices, Japan has quietly outperformed the rest of the world by more than 10 percent since mid-March," said the report authored by Kathy Matsui and others.
Nomura's campaign will start in Switzerland on June 23, Yamazaki said. They will visit Frankfurt, Paris, London before finishing the tour on July 1 in Boston. Analysts based in Japan and Hong Kong will also meet investors there, he said.
"We feel an increasing appetite for Japanese stocks from overseas," Yamazaki said. "They believe Japanese companies are undervalued. Corporate Japan will play much bigger roles globally because of their technology and expertise."
Japanese companies will keep attracting foreign buyers, said Yamazaki. Dubai International Capital, an investment fund owned by ruler of Dubai, said in November it had made a "substantial investment" in Sony Corp (6758.T), without disclosing how much.
Japan's stock market is in the initial stage of a rebound, Iwasawa said in a June 2 report, predicting the broader TOPIX index .TOPX will rebound to as high as 1,550 by March 2009.
Financial and real estate industries are healthy and the impact of price increases of natural resources on Japan's economy is limited, he said.
Nomura will also promote stocks in India, China and other Asian countries in the Equity Caravan. (Additional reporting by Taiga Uranaka. Editing by Louise Heavens)