But in this instance i think on a relative value basis, theres a bit more near term room for upside in the land of the rising sun. Retail Japan have been heavy buyers of US mutual funds and for good reason given the hefty outperformance. Earlier in the year BoJ announced that their ETF purchases would be more in TPX than NKY and given the Omicron overhang, I would not be surprised to see them in the market to smooth out any downside moves. Domestic instos rumored to be bid at NKY 27,500 (only 1% lower) and retail will likely cut their US exposure into CYE. Would really like to see USDJPY above 113 to help the exporters...