Figure it out..... - Monday, page-27

Japan is actually a good case in point. Since they dropped their rates to zero, and tried to prime pump the economy, the price of equities has risen nicely (see chart). This is a particularly impressive when you consider the top yields in top 100 stocks are about half that of Australian yields. ( http://www.topyields.nl/Top-dividend-yields-of-TSE-Dividend-Focus-100.php ).
As I keep on saying, so long as you are a quality company, generating cash, you can borrow cheaply to pay dividends, keeping yields high. This is WAY better capital management than retiring debt and reducing dividend payouts. ie cheaper than equity as a cost of capital.