I don't see the Nikkei going above 9600 points unless the Japanese government decides to stimulate the economy with yet more money. Of course there is no limit to the upside in equities in the short term. It all comes down to how much you are prepared to debase your currency.
So I am negative on Japan, but let's wait and see for the market to set the direction. Stimulus will drive the market higher, property taxes will drive it lower.
Andrew Sheldon www.sheldonthinks.com