Japanese sentiment
I think that Japanese are slowly warming to stock ownership. After the bubble era when so people (read: just about everyone) got burned on everything from gold to stocks to realty, things got ultra-conservative here.
Banks have a 0.001% interest rate. Sucks! Loans are nice (1% on the first 3 years of a mortgage, 3% on all subsequent years) but unavailable to foreigners.
Banks have in the past few years started to offer CDs based on the Nikkei but they are moderate-risk (to investors, NOT to the bank) and low-return. I got 5% returns on a Nikkei-linked CD started two years ago but am not doing that again.
Stocks have been going up in the last 2 years, which has renewed interest for many people but as a whole, Japanese are totally clueless about investing. I hosted an investment seminar a few months back and faced incredulity at the concept of compounding interest.
People here are not interested in investing in part because CEO's have a terrible image. Not helped by Horie (Livedoor's CEO) being arrested last month and similar cases in all industries popping up on a regular basis. (HUSER's condominium crisis, Nakamura Securities blow-up etc.)
That said, there is a HUGE rush of teenage-investors using their cell-phones to check up stocks. High schools offer courses on stock trading (hopefully about investing, too).
Personally, I stay away from all japanese stock, again save Toyota and Kenmin Kyousai. You wouldn't believe how the CEO's waste corporate ressources. Taking taxis for 70km rides etc.! IMHO little value here despite the commendable energy conservation efforts.
Miguel