Is Tokyo's Bull Riding Too High?

Nomura and Japan's other giant securities firms have harvested huge profits from a bull market that has raged on the trading floor of the Tokyo Stock Exchange for six years. The Japanese call it the age soba, or rising market, ascent has been dizzying: the 225-stock Nikkei index -- Japan's equivalent Dow Jones industrial average -- has surged 400% in value since beginning its bullish burst. The $3.5 trillion now invested in the Tokyo market makes it world's largest. Even the devastation wrought by last October's global stock only temporarily dampened the spirits of Tokyo traders. Although the Dow is now...

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