The scale of capital flows is one of the best indicators identifying whether a specific market is bringing the investors' interest.
In the case of the Japanese equities, below I am presenting two flow indicators showing that these shares are still been acquired by foreigners and the Japanese investors.
Please, look at the charts below:
As the charts show, foreigners have been buying the Japanese equities since the beginning of 2013. From that same time the Japanese investors have been selling foreign shares - therefore they have been probably using the funds acquired from these sales to buy the Japanese equities.
Both trends magnify themselves so we see the ongoing bull market in Japan (weak Yen is another factor standing behind it).
Well, for the time being there are no signs that the current bull market is going to end.