The good news about Japanese stocks is that corporations are buying back more of their shares than ever before. The bad news is everyone outside of Japan is selling the same equity, spurring concern that the market's world-beating rally may fizzle.
Companies from Toyota Motor Corp. to Nomura Holdings Inc. helped spark a 13 percent advance in the Nikkei average by repurchasing shares trading at the cheapest levels in more than two decades.
The Nikkei's rebound since global equities fell to their lowest point this year on March 17 is the best performance among benchmark indexes in the 10 largest economies.