Late last year, this column argued that Japanese equities were set to enjoy substantial gains, following decades of underperformance. The main argument was that Japanese companies had become incredibly efficient and had materially improved their earnings profile. These improvements were not appreciated by markets to any reasonable extent, which resulted in Japanese equities trading at almost absurdly low levels. Since then, all of the main Japanese stock indices have continued to rise and have made fresh all-time highs. Today’s column is going to look at what’s been happening and focus upon the immediate policy outlook in Japan.  Since January, Japan’s…

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