During its latest reported quarter, which ended July 31, the Tiffany posted a year-over-year same-store sales jump of 1% in Japan. The previous quarter had brought a drop of 10%. Tiffany executives had predicted a low-single-digit decline for the latest period, while Cowen analysts forecasted that they would fall 5%.

Cowen's survey might have evidence of why that turnaround took place. The survey tallied 570 Japanese consumers familiar with the retailer and found that Tiffany is the number one luxury brand that Japanese consumers expect to purchase this year. Respondents also said that the chain is the number one destination for bridal rings in the country.

Cowen analysts also attribute the promotion last year of former US Tiffany executive Michael Christ to president of the company's Japan division. With that move the retailer has increased marketing spending in the region, accelerated the rollout of new products and renovated stores.