I think you have to remember Japan have had deflation for a long...

I think you have to remember Japan have had deflation for a long time and Japan were the first to try QE after the Asian financial crisis. They run on cash because people prefer the money in their hands rather than in the bank where it gets a negative rate of interest. it was one of the things that amazed me about the country when I visited - how an advanced economy doesn't have tap and go or EFT.

So, price:earnings ratios are high because all you need the company to do give you a zero rate of return. It's kind of where we are heading if we aren't careful.