Where are we now? It’s a question we’ve been grappling with here at Notes since the bizarre events of March 9, when equities took off on a wild run. They haven’t stopped since.

Japan’s stock market has been in a long, secular bear market for two decades. But that has been punctuated by fierce rallies. Martin Hutchinson says another spike could be on the cards next year as the Nikkei tests its 2003 low. He picks three Japanese stocks with a strong bounce potential in a market recovery.