The crisis is not gone. There is still more work to be done. And the thing that worries investors the most is when consensus develops and the market recovers, there is a big sigh of relief.

If the cross-shareholding problem in Japan were solved by some waving of a wand, real or imagined, it's be a good thing for bank share prices.

I continue to be encouraged. Companies continue to surprise on earnings, this earnings season has been very good.

I am bullish on the Japanese market. We are having Warren Buffet and classic value investors sniffing around Japanese stocks.