All the good news about economic reports has already been discounted in share prices. The market is at quite a high level.

Inventory levels for steel products are now getting high and suppliers are facing falling prices. The indexes have risen much faster than I anticipated and I still think the pace is too fast given the prospects for corporate earnings.

Inventory levels for steel products are now getting high and suppliers are facing falling prices.

The Tokyo exchange's system is too vulnerable for the world's second biggest bourse.

Less-than-expected household spending is a big concern. People are speculating that domestic-demand shares will benefit from strengthening purchasing power, but the reality is still shaky.

Earnings growth seems to be intact, and with U.S. risk receding, it should help stocks to trade higher from here.