However in Japan dividends are not included in ordinary income where capital gains are.

 Japan's individual income tax rates including local taxes are among the highest tax rates in the world. The effective top marginal tax rate is around 50%. and dividends are  20%

So it is very profitable to purchase high dividend shares and lose the capital gains which can be written off against otehr 50% taxable gains and pay only 20% on the dividen. Asuuming ordinary income of  35%  a japanese investor would make 15% overnight ( less the carry on teh 2 cents for 35 days at the japanese overnight rate0  by getiing the dividend and losingteh cap gain on the 2 cent PTSC dividend. Consider that PTSC has sued almost every large japanes electronics manufacturer it's hard to assume that teh japanes investment communigty does not of PTSC.