It's not that investors were relieved by the results, which were uniformly bad. It is simply a rebound after banks were sold off sharply earlier in the week.

The pitch of the Nikkei's rise has been quite steep, so after its gains a slight correction was probably in order.

The market tested the 16,000 level this week and we have found a firm floor there. Now, examples of good earnings coming out are encouraging some optimism in the market.