Earnings expectations have been a bit high and, given the disappointments in the U.S., those expectations have been toned down. That's going to help keep the market weak.

The news on U.S. Steel has prompted some buying of steelmakers. You cannot completely rule out the possibility of takeovers of Japanese companies.

Investors are concerned that shares have gotten too expensive and there's no reason to buy into the market at these prices.

There are good growth prospects in the provinces. They are likely to get the higher demand going forward.

The price AIG is willing to pay suggests expected property values in the area have been too low and developers' assets are worth more. With deflation in Japan finally at an end, property stocks look like a buy.

With lower oil prices and the services report coming in better than expected, optimism about exporters is spreading and helping to boost their shares.