Japan’s stock market has been on a roll. We do not expect the good times to last. Although we are revising up our end-2012 and end-2013 forecasts for the Nikkei 225 slightly, to 7,750 (versus 7,500 previously) and to 8,100 (versus 7,600), respectively, these new projections still imply significant declines from today’s index level of more than 9,600.
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