Japanese stocks, if they fall, how far will they drop?

I have been pessimistic about both Japanese and US stocks for about six months, but for now, here is the latest article (and to be precise, dated January 24, 2022).

First of all, how far could Japanese stocks fall if they fall at all?

Japanese stocks, how far could they drop (if they drop at all)?

Since next year’s Japanese and global economies and corporate earnings forecasts are not yet settled, it’s hard to set downside targets, but for now I’m considering the macro-level approach outlined in the above article as a reference point.

What’s unknown, of course, is the economic impact of the Ukraine crisis, but there is no certainty that it will be positive.

If the forecast proves wrong, it would be the time when the Ukraine crisis ends early and the world unites to rebuild Ukraine and the global economy with full effort.

However, with each country engaged in maximum monetary easing and inflation rates remaining high, it will be difficult without exerting considerable ingenuity.