TOPIX has rallied more than 8% from its post-Brexit low in anticipation of policy stimuli, in our view. Assuming monetary and fiscal stimuli are in line with our expectations (i.e. incremental BOJ easing and limited real fiscal spending), we believe history may repeat itself with the market giving back its gains post-announcements. 1Q3/17 earnings results peak on Jul 29, but we do not expect profit revision momentum to bottom until after 2Q results. For now, we emphasize themes such as: M&A, shareholder returns/buybacks, and stable growers.