The TSE's Rally to Avoid Petering Out

In previous rallies, what caused the upcycle was when we started to run out of positive momentum around the thematic. And there wasn't this top down government focus on corporate governance and structural reform back in 2015, 2016. I think it's difficult to argue that we're overvalued at this stage of the cycle. It does feel like we may have some sort of correction or pull back over the summer, just given how extended the technicals are at the moment. But it's very difficult to articulate an argument that says that Japan is overbought or over valuation at this stage.