"We should assume that everyone's focus will shift to the U.S., " Mr. Kamiyama said, adding a further dollar rise and subsequent share boost will hinge on continuing signs of a U.S. economic recovery.
"Innovative structural reforms other than those already known are unlikely to come out before the upper house election in July so the headlines alone will not drive the market, " said Naoki Kamiyama, equity strategist in Tokyo at Bank of America Merrill Lynch.