We remain Bulls and increase our 12-month TOPIX target to 1,700 (1,590),16.0 (15.0) times estimated EPS to 9/2018. Financial repression, and theassociated pressure for improved corporate returns, is equity market Bullish,in our opinion, with the potential to move the appropriate PER substantiallyhigher. With this report, we are moving our target PER to 16.0 times.