The Japanese economy and earnings show more signs of a pick-up, unlike those in the U.S.. That's the main driver luring money into Japanese shares.

The comments reminded investors of the premium in share prices they have enjoyed due to the excess in liquidity provided by the Bank of Japan.

Investors cannot make a decision given the long weekend for foreign investors and uncertainty hanging over on Wall Street when trading resumes.

Increases in copper and gold prices created new room for commodity-related stocks to rise. Their earnings prospect is quite solid.

The U.S. economy looks dull. Uncertainty in the economy is likely to prompt selling of companies that make profits overseas.

A fall in liquidity looks like more likely than before, though the market has been aware this would happen in the near future.

Dividend increases supported by strong earnings will attract investors. With only two weeks remaining till the end of the fiscal year, people are sensitive to dividend news.

Earnings weigh a lot on investment judgment. Any companies with disappointing results are sold off immediately.