Since the U.S. election ended with the expected Bush victory, the market's focus has moved to U.S. corporate earnings and monetary policy there.
Here, investors are looking ahead to the BOJ meeting and at the end of the week we'll be awaiting U.S. jobs data. With these factors ahead, I don't think stocks will be able to move much at all today.
The U.S. economy is trotting away from its soft patch, while Japan has begun to move away from its own. These movements show that fundamentals are strong.