Testa is the closest thing Japan has to a retail trading legend: he started with day trading, compounded his way past 10 billion yen, and a million people follow his X account. So with the Nikkei crossing 70,000, Toyo Keizai asked him the question on everyone's mind: how far can this go? His answer, consistent with what he has said for years: forecasting the overall market is meaningless, and he has never made money by calling the index. What an individual investor can actually control, in his telling, is the choice of individual stocks and how much risk they carry, not where the Nikkei lands. The interview also covers how he reads the AI-semiconductor boom that is driving this market and how he thinks about the new NISA generation entering at all-time highs. The full text sits behind Toyo Keizai's paywall; the free portion gives you his framing.
Why it matters · The higher the index, the more 'prediction' loses to 'response.' Risk management talk from the man who compounded to 10 billion yen is itself a late-cycle signal worth reading.