HONG KONG -- As the Nikkei Stock Average rose last week to its highest level since 1990, Japan equity watchers found themselves in an unusual position. After three lost decades, the whole world was watching them.

Bullish investors argue that the Nikkei Average could go even higher this year given the valuations of Japanese companies. (Source photo by Tomoki Mera)
'This is no longer foreigners versus Japanese people,' activist says