Eoin Treacy's view The Topix 2nd Section Index trades at a Price/Book ratio of 0.6 and remains in a developing 2-year and counting base formation. It bounced back impressively from the post-tsunami low but has deteriorated of late and a sustained move above 2270 would be required to check scope for an additional test of underlying trading. The Topix Banks Index rallied less and has fallen quicker than the 2nd Section. The first area of potential support is in the region of 100 and a clear upward dynamic would be required to check the decline.

(Please note: All data quoted above originates in Bloomberg. We realise that some of the data displayed is inaccurate for some indices, particularly where ADRs are included. However, I have endeavoured to remove those indices which were most problematic. We continue to publish these tables because the data is generally accurate and going forward we will continue to weed-out the less reliable data sets as subscribers highlight them for us. I have also deleted the FTSE AIM Index from the list because it does not seem to have very reliable figures. The P/Es quoted by Bloomberg are exclusively based on operating earnings.)