Citigroup said Japanese stocks are facing "significant correction risk" as positive factors may take some time to emerge. Ryota Shisakagami said Japanese stocks have been lagging U.S. stocks due to uncertainty about the Bank of Japan's policy and foreign exchange outlook, conservative earnings guidance, and reliance on external factors such as weak domestic demand. In sharp contrast to the strong rebound of the so-called Big Seven in the United States, "momentum in Japanese technology stocks has actually been weakening"