Foreign interest in Japanese shares, whether it's oil money or otherwise, is very strong.

The recent gains were just a bit too much, too fast.

Lenders can make plenty of money as long as there is demand for loans. That's what we are starting to see. Real estate developers are also benefiting as demand increases.

We've got oil rising again and the yen strengthening, and that will trigger some selling in technology stocks as they have been the recent winners. We're going to see some investors locking in their recent gains.

Expectations for the holiday shopping season have been pretty high, but actual sales seem to have fallen a bit short, which is hurting shares.

Companies in Japan still have potential to boost their profits and investors are betting on the strength of the economy.

Japan's economic revival is finally becoming self-sustaining. That has been the key to investor optimism on Japanese stocks, and I don't expect a let-up any time soon.

A back-to-back gain in orders will be a positive element for the market.

The bright spot right now is the commodity stocks given the rising raw material prices.