新・プラザ合意は“Japan as No.1”の再来か？暴落後の今こそ日経平均の黄金期復活を読む｜2025/4/12 相場雑感

トランプ関税による大暴落があった今、あえて日経平均黄金期復活のシナリオを予想。新・プラザ合意は“Japan as No.1”を再来させる日本株へのエクイティストーリーを生むか。海外拠点を整備した大企業は円高下でも強く、内需企業は円高恩恵で好業績？足元インフレも通貨高により抑制し、参議院選挙を見据えたカンフル経済施策が弱った消費マインドを下支えする。賃金上昇圧力や相続サイクルの本格化も消費を強化か？日銀の緩やかな利上げもあり、円高・株高・債券高の可能性を示唆。___Following the Trump Tariff Crash, we dare to envision a scenario for the Nikkei's golden age to return.Could a "New Plaza Accord" spark an equity story for Japanese stocks reminiscent of the "Japan as No.1" era?Japanese multinationals with global footprints remain resilient even amid yen appreciation, while domestic demand-driven firms may benefit from the stronger currency through improved earnings.Currency strength also helps tame inflation, while pre-upper house election stimulus measures—such as cash handouts and tax breaks—could support weakened consumer sentiment.Structural factors like wage pressures and the acceleration of the inheritance cycle may further boost consumption.With the Bank of Japan gradually tightening, we explore the potential for a rare convergence of a stronger yen, rising equities, and firming bonds.