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"We can expect two to three years of smooth sailing before you sense oversupply," Makino said.
"By around 2012 a lot of projects are expected to be complete in emerging economies like China and India.
"So when you see a lot of planes, ships, infrastructure and major cities complete, that's when the fundamentals may start to turn and the market will appreciate that a year before. At that point equities could collapse."
He expected the global economy, along with emerging markets and large cap stocks, to flourish in the current environment.
"Emerging markets are a long-term positive theme for global cyclicals. We remain bullish on steel, oil refineries, commodities, shipping and airlines," Makino said.
He said investors were too focused on the credit crunch and housing bust in the United States and should use any declines as buying opportunities.
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