Where next for the Nikkei 225?

So, now that the Nikkei has managed to surpass a record high that has remained in place for 35 years where to next? Well, before I try to answer that let me just note what is driving the index to these new all time highs. First, we have an unprecedented perpetuation of a zero interest rate policy in Japan, where all that surrounds it have shifted interest rates dramatically over the past 18 months (perhaps not dramatically enough though). Second, the slide in Chinese markets has delivered droves of Chinese investors to switch into Japanese equities. Last but not least, the weaker Yen dynamic is fuelling this rise to fresh records for the Nikkei 225. That said it could be the other way around, but remains open to debate. So, now that the Nikkei has lifted to above 39,000 for the first time in its history, it would seem very strange if the index were not to extend that move,  by some considerable way too. I am not making a call here, but at the same time, unless the BOJ shifts monetary policy dramatically, it is hard to argue for the Nikkei to not rise further from here on. The Nikkei futures are currently pricing a reopening for tomorrow, at close to, or above 39,200