Market participants are expressing caution regarding the Nikkei average, noting a stalemate driven by heavy margin buying from retail investors. The analysis suggests that without the support of a weakening yen, the market faces downward pressure from supply and demand dynamics. Observers highlight that the credit multiplier has risen significantly, indicating a buildup of leveraged long positions. However, any further rise in the USD/JPY pair risks triggering government intervention, effectively capping the currency tailwind. This situation places the Japanese market in a precarious position where domestic demand is exhausted and currency support is limited by policy risks. Traders are closely monitoring these macro factors for potential impacts on global liquidity.