Twice in the past month or two I've seen CAJ up multiple points on some Japanese analysts' upgrade, with no other news. Not quibbling with the upgrades, just surprised at the magnitude of the resulting price increase. After all, this is a very large cap stock which should have lots of institutional following and theoretically be priced pretty efficiently. Yet the market cap increases by billions of dollars, and sustains it, based on some guy's changed opinion.
Is this magnitude of response to an upgrade an example of the Japanese tendencies towards uniformity and trend-following? Are brokers price targets generally taken quite seriously in Japan? Does only Canon react this way to an upgrade or do other Japanese large-cap stocks too? What happens with a downgrade? Anyone know?