닛케이는 그저 정해진 수순을 따르는 것일까, 아니면 그 이상의 의미가 있을까?

I'm with you on this. While the broader market sentiment is definitely pushing things, I've been looking at some of the underlying structural issues, particularly around wage growth and domestic demand. It feels like the "more to it" part is still a work in progress for the Japanese economy.

I think you're spot on. The "new era" narrative feels largely manufactured. Corporate governance improvements are good, but they don't fundamentally alter the demographic headwinds or the demand-side issues still present.