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Japanese equity markets will end 2018 on a flat note and then rise next year, possibly due to cheap valuation, a Reuters poll found.

The gains, however, would not be more than 3 percent, as trade disputes may weigh over economic growth.

The Nikkei is expected to trade at 23,000 at year-end, the median forecast showed, up 4.8 percent from Tuesday’s close of 21,952.40, The index’s 2017 close was 22,764.94.