The landscape looks a bit changed after Morgan Stanley's downgrading on Japan last week.
A takeover bid is underscoring prospects for the sector, which has been benefiting from a recovery in consumer spending.
The recent set of data came weaker than a market consensus, but the basic trend is that the economic recovery is in progress.
There are no new incentives. It's just that the investor mood is so good.
External factors are out of the market's focus. Investors are now only interested in individual companies' earnings.
As long as the BOJ raises interest rates in tandem with the economic recovery, there should be no negative impact on the stock market.
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