Is there really more to Japan's rally than the weak yen?

Japanese equity markets have soared in the last year, outpacing gains seen across other stock exchanges after a huge QE programme introduced by returning Prime Minister Shinzo Abe, but can the market keep climbing from here?

Abe’s ‘Three Arrows’ policy has helped fuel large gains for both the Nikkei 225 and the TOPIX year to date, with investors flocking to the country’s exporters to take advantage of a huge drop in the value of the yen. While never acknowledged as a goal of quantitative easing, Abe’s combination of bold monetary policy, flexible fiscal spending and plans to stimulate private sector investment have all helped to push down the value of the country’s currency. In the past year, it has moved from ¥82 per US dollar to ¥103 currently. This depreciation has undoubtedly helped boost the country...