A Nikkei target of 76,000 represents meaningful upside from current levels and the revision will carry weight given BofA's visibility on global fund flows into Japanese equities. The identification of leverage expansion as the next ROE driver is a significant analytical shift: margin improvement has been the dominant story for Japanese corporate profitability over the past two years, but leverage-driven ROE gains typically accompany a more mature and broad-based recovery in capital expenditure a