The article examines the efficiency of the Japanese stock market by analyzing different stock attributes and return patterns. It finds that there are no significant size effects, but price and book value to market effects are cyclical and influenced by macroeconomic factors. Contrarian profits are significant due to investor over-reaction to firm-specific events, indicating short-term inefficiencies in the market. The study also shows that relative stock prices can deviate from equilibrium, allowing for profitable trading strategies like pairs trading.