The bad debt overhang has this market trapped in a range. It flew on hopes for (Prime Minister Junichiro) Koizumi reforms, but has little chance of breaking out until he maps out a more concrete plan to clean up the mess.
People have been shying away from high-tech issues, which are vulnerable to changes in external demand. But they are bullish on those dependent on domestic demand.
Can anyone believe that today's rally suggests a change in the trend? We are not that optimistic.
There was a sense of overheating. For the market to advance further, we need some new supporting factors like strong gross domestic product numbers or a supplementary budget.
No one believes we have seen the last of the wild moves in U.S. stocks.
We all know stocks are starting to look cheap. But it's like staring into a bottomless pit right now.
Big institutions are preparing for the fiscal year end, so there are few sellers in the market.
