JP Morgan’s chief investment strategist, Cesar Perez, said the bank was targeting Japan after witnessing ‘surprisingly rapid growth’ this year.

He said many banks were not aware of the substantial investment uplift in the country. "No one is ever talking about Japan," he said.

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Japan improved its corporate earnings outlook in the last year showing positive economic data and a reversal in yen strength, say strategists.

Furthermore, Japan has an abundant wealth and it is second only to the US by number of dollar millionaires. Total wealth in Japan is expected to reach US$10.3trn by the end of 2017,up from $6.7trn in 2012, according to sister company WealthInsight. In addition, the amount of investible assets by person (at least $1million) is more than three times that of China.

Meanwhile, Japan’s equity market has made a sizable comeback, rising more than 12% over the past two weeks, according to reports.

However, JP Morgan’s investment strategist for EMEA, Livia Constantinescu, told Private Banker International that many private banks in Japan are struggling with a conservative approach from clients.

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Over the last year, groups like HSBC, Standard Chartered and Merril Lynch have entered and exited the market. Most recently, Societe Generale offloaded its wealth unit to Sumimoto Mitsui Corp.

JP Morgan entered the Japanese market in 1924. The bank said Tokyo is one of the firm’s largest headquarters in Asia, with 1,300 employees covering all of the bank’s divisions.