The market moved in a tight range. There was no particular news out here, which highlights that we are going into the Golden Week holiday and some traders are taking profits as a result.

The market would have been down if it had not been for one big buying program towards the end of the day, which most people suspect was the government.

I don't think things have improved that dramatically. There is plenty of anecdotal evidence from our analysts, who actually go out and visit the companies, to suggest the economy isn't actually as strong as it should be.

If you had asked people earlier last week, they would have said it was a disaster.

It went up 140 points at the close.

Then in the second quarter the foreign funds start coming in. They look at Japan and think that's doing well and the Japanese start selling straight into it. A regular pattern has been established with the high for the year reached in June or July in the last five out of six years.

A lot of people are really focused on the currency. Most people are fairly relieved. It has been said that the breakeven for most Japanese exporters is around 110 to 112 yen.

People really have to take a step back and look at what happened in Hong Kong and Japan in December. Some of the big names were up as much as 150 percent.

It was very quiet. There was a lot of confusion over exactly what the government is talking about in terms of whether they are going to start cutting taxes.

Things were very quiet. The market was (pushed) up by the joint venture between Fuji Bank and Dai-Ichi Kangyo Bank. That was all it needed.