The market's main focus lies on earnings. So the trend will likely stay resilient due to the current flow of upward revisions.

The consensus is still that consumer spending in the U.S. will hold steady. But as it comprises two thirds of the economy, even a small decline would slow down the economic recovery and hurt Japanese exports.

It looks like an initial target has been achieved.

The recent tech gains were supported by a wave of upward revisions to earnings forecasts. But for those shares to go further from here, investors need to know how they are going to perform next year.

The data underlined the recovery trend in the economy and was considered nothing new.

Rising oil prices have been a major concern and there are some optimists out there who say earnings growth will be able to weather the current prices,

There are definitely earnings fears creeping in the market,

There are definitely earnings fears creeping in the market. Investors are seriously questioning whether Japanese companies can really attain existing earnings growth forecasts for next year.