Is the Nikkei's current run sustainable without more domestic catalysts?

Been watching the Nikkei with interest lately. We've seen a significant push, obviously, and a lot of the narrative seems to be tied to a weakening JPY, corporate governance reforms, and a general shift of global capital towards what's perceived as undervalued. All good arguments, no doubt.

However, I keep coming back to the question of internal demand. While exports are certainly getting a boost from the yen, and tourism is strong, domestic consumption feels… flat. Wage growth, while improving, still doesn't feel like it's roaring back enough to consistently drive the economy from within. Are we seeing a situation where the Nikkei is primarily being lifted by external factors and foreign investor sentiment, rather than a robust, broad-based recovery that can truly sustain these levels long-term? It feels like we're relying heavily on the weakening JPY story. Without stronger domestic catalysts kicking in soon, the downside could be significant if that narrative shifts. Change my mind.