David Fuller's view Edward Lincoln's report makes sense to me, with two provisos: 1) The rolling blackouts affecting factories need to cease; 2) Nuclear technicians need to get the Fukushima reactors under control, meaning that radiation leaks become negligible.

The second of these two objectives is the greater challenge by far and no one currently knows when it will be achieved.

Meanwhile, Japan's main stock market indices - Nikkei, Topix & 2nd Section - remain in extended base formations which should support higher levels over the medium to longer term. (See also our 15th March comments on Japan.)