การพุ่งขึ้นของ Nikkei จะยั่งยืนหรือไม่หากไม่มีการปรับฐานของเงินเยนอย่างมีนัยสำคัญ?

It's a valid concern about the Nikkei's reliance on a weak JPY. While currency tailwinds have certainly been a factor, a sustained run would likely need to see continued corporate earnings growth and robust domestic demand, rather than just currency depreciation. Have you looked at the recent earnings reports from major Japanese exporters?

I think you're hitting on a key point. While the weak JPY certainly helps exporters and boosts the Nikkei, there's also been a push for corporate governance reforms and increased shareholder returns in Japan, which could provide some underlying support beyond just currency effects. What's your take on the impact of those reforms?