{"id":43885,"date":"2025-11-24T07:01:16","date_gmt":"2025-11-24T07:01:16","guid":{"rendered":"https:\/\/onequity.com\/?p=43885"},"modified":"2025-11-24T07:42:43","modified_gmt":"2025-11-24T07:42:43","slug":"el-nikkei-japones-el-verdadero-outperformer","status":"publish","type":"post","link":"https:\/\/insights.onequity.com\/es\/el-nikkei-japones-el-verdadero-outperformer\/","title":{"rendered":"El Nikkei japon\u00e9s: el verdadero outperformer"},"content":{"rendered":"\n<p>Puede que haya pasado desapercibido, pero el \u00edndice que realmente ha destacado en los \u00faltimos meses ha sido el Nikkei japon\u00e9s. Ninguno de sus hom\u00f3logos de los mercados desarrollados se acerca siquiera al <strong>+70,94%<\/strong> de rentabilidad absoluta registrado desde los m\u00ednimos de abril de 2025 (30.973) hasta los m\u00e1ximos alcanzados hace apenas unas sesiones (52.637 el 4 de noviembre). En t\u00e9rminos absolutos, s\u00ed; pero conviene recordar que el Nikkei cotiza en yenes, y este es un punto clave.<\/p>\n\n\n\n<p>\u00bfY qu\u00e9 ha impulsado esta fuerte rentabilidad relativa? En parte, la normalizaci\u00f3n de la pol\u00edtica monetaria tras 15 a\u00f1os de tipos negativos o cercanos a cero; en parte, unas expectativas de inflaci\u00f3n al alza (+3% en octubre de 2025). Pero, sobre todo, ha sido la <strong>depreciaci\u00f3n del yen<\/strong>, como comentamos en una publicaci\u00f3n anterior: cuando una divisa se debilita en el mercado de divisas, suele ser un factor de apoyo para su \u00edndice burs\u00e1til, dado el car\u00e1cter internacional de los flujos inversores.<\/p>\n\n\n\n<p>El nuevo gobierno japon\u00e9s ha anunciado recientemente un <strong>enorme est\u00edmulo fiscal<\/strong> por valor de <strong>135.000 millones de d\u00f3lares<\/strong>, destinado a sostener un crecimiento del PIB del <strong>+1,4% anual<\/strong> durante los pr\u00f3ximos tres a\u00f1os. El plan contempla subvenciones al sector energ\u00e9tico, transferencias directas a los hogares mediante vales en efectivo y reducciones de impuestos clave \u2014incluidos los aplicados a la gasolina\u2014 adem\u00e1s de elevar el umbral de ingresos a partir del cual se empieza a tributar. Aunque el objetivo es aliviar a los hogares del impacto del aumento de los precios, el efecto no deseado a largo plazo podr\u00eda ser justamente el contrario. Asimismo, las dudas sobre la sostenibilidad fiscal podr\u00edan incomodar a los inversores.<\/p>\n\n\n\n<p>Al mismo tiempo, crecen las especulaciones sobre una nueva subida de tipos en diciembre, que podr\u00eda situar el tipo oficial en <strong>0,75%<\/strong>, una expectativa reforzada tambi\u00e9n por unos datos de exportaciones inesperadamente s\u00f3lidos (+3,7% interanual en octubre). Todo ello tendr\u00e1 un impacto decisivo tanto en el Nikkei como en el yen, cuyas trayectorias \u2014como hemos visto\u2014 est\u00e1n parcialmente correlacionadas de manera inversa.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Puede que haya pasado desapercibido, pero el \u00edndice que realmente ha destacado en los \u00faltimos meses ha sido el Nikkei japon\u00e9s. Ninguno de sus hom\u00f3logos de los mercados desarrollados se acerca siquiera al +70,94% de rentabilidad absoluta registrado desde los m\u00ednimos de abril de 2025 (30.973) hasta los m\u00e1ximos alcanzados hace apenas unas sesiones (52.637 [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":42721,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[274],"tags":[353,284,296],"class_list":["post-43885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-technical","tag-index-es","tag-technical-analysis-es","tag-yen-es"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>El Nikkei japon\u00e9s: el verdadero outperformer - OnEquity<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"El Nikkei japon\u00e9s: el verdadero outperformer - OnEquity\" \/>\n<meta property=\"og:description\" content=\"Puede que haya pasado desapercibido, pero el \u00edndice que realmente ha destacado en los \u00faltimos meses ha sido el Nikkei japon\u00e9s. Ninguno de sus hom\u00f3logos de los mercados desarrollados se acerca siquiera al +70,94% de rentabilidad absoluta registrado desde los m\u00ednimos de abril de 2025 (30.973) hasta los m\u00e1ximos alcanzados hace apenas unas sesiones (52.637 [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/insights.onequity.com\/es\/el-nikkei-japones-el-verdadero-outperformer\/\" \/>\n<meta property=\"og:site_name\" content=\"OnEquity\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/onequity.global\" \/>\n<meta property=\"article:published_time\" content=\"2025-11-24T07:01:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-11-24T07:42:43+00:00\" \/>\n<meta name=\"author\" content=\"Ari Ganesa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@OnEquityGroup\" \/>\n<meta name=\"twitter:site\" content=\"@OnEquityGroup\" \/>\n<meta name=\"twitter:label1\" content=\"Escrito por\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ari Ganesa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Tiempo de lectura\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minuto\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/insights.onequity.com\\\/es\\\/el-nikkei-japones-el-verdadero-outperformer\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/insights.onequity.com\\\/es\\\/el-nikkei-japones-el-verdadero-outperformer\\\/\"},\"author\":{\"name\":\"Ari Ganesa\",\"@id\":\"https:\\\/\\\/insights.onequity.com\\\/#\\\/schema\\\/person\\\/88520a9e71fbc700167655615155b2e1\"},\"headline\":\"El Nikkei japon\u00e9s: el verdadero outperformer\",\"datePublished\":\"2025-11-24T07:01:16+00:00\",\"dateModified\":\"2025-11-24T07:42:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/insights.onequity.com\\\/es\\\/el-nikkei-japones-el-verdadero-outperformer\\\/\"},\"wordCount\":357,\"publisher\":{\"@id\":\"https:\\\/\\\/insights.onequity.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/insights.onequity.com\\\/es\\\/el-nikkei-japones-el-verdadero-outperformer\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/insights.onequity.com\\\/wp-content\\\/uploads\\\/2025\\\/10\\\/Featured-DailyTechnical-ES.png\",\"keywords\":[\"Index\",\"Technical Analysis\",\"Yen\"],\"articleSection\":[\"An\u00e1lisis t\u00e9cnico diario\"],\"inLanguage\":\"es\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/insights.onequity.com\\\/es\\\/el-nikkei-japones-el-verdadero-outperformer\\\/\",\"url\":\"https:\\\/\\\/insights.onequity.com\\\/es\\\/el-nikkei-japones-el-verdadero-outperformer\\\/\",\"name\":\"El Nikkei japon\u00e9s: el verdadero outperformer - 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