The economy and corporate earnings, in the long term, remain firm, which will benefit shares. That's helping shares rebound from yesterday's losses.

Cheaper crude prices eased investors' concern about corporate earnings. A drop in the yen helped lift exporters' shares.

Higher rates may dent demand for loans because lending growth in Japan is only just starting to recover.

In the past, I think there had been low expectations for Kyocera's electronics parts business, so I think investors had gradually started to view it as one of the losers in the tech sector. In that sense, these earnings are a positive surprise.

Increasing concern about the direction of monetary policy is a minus for the stock market. A stronger yen against the dollar also negatively affects exporters.

It's been a very strong run and there are some concerns the market has gotten ahead of itself.

Foreigners are selling and it seems that Japanese investors are also getting rid of stocks because they are worried about selling by foreigners.

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

A stronger dollar will help support exporter shares, especially those of automakers.

Although there weren't any sellers in this market about a week or ten days ago, supply-demand conditions deteriorated sharply.