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The Big Story

Is Japan's stock market rally for real?

The Bank of Japan helped push equities to 26-year highs, but exit strategy questions remain

MASAYUKI YUDA, Nikkei staff writer | Japan

TOKYO -- Charles Gave has earned a reputation for making bold investment calls during his 40-plus years working in finance. But for the last quarter century, the legendary French investor has wisely avoided making a bold call on Japan, choosing instead to sit out each of the five short-lived rallies that the Nikkei 225 index has staged since the investment bubble burst in the early 1990s. 

He began to rethink his long-held position this year, however, after seeing signs of a strong rebound in Japan's private sector. For the first time since 1991, he became confident that Japan was entering a self-sustaining recovery.

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