Eoin Treacy's view Sony – doubled between November and May and has been consolidating in the region of ¥2000 since. A sustained move back below ¥1800 would be required to begin to question medium-term upside potential.

TSE REIT Index – was among the leading sectors during the initial part of Japan's rally and has now unwound its entire overextension relative to the 200-day MA. It rallied well today and a sustained move below 1200 would be required to begin to delay recovery potential.

Topix Banks Index – following a pullback of approximately 20%, the sector has found support in the region of the 1600 and a sustained move below it would be required to delay medium-term recovery potential.