运用条件和非条件CAPM以及其他的一些统计方法 ,对日本股票市场实际数据进行了实证分析 .证明了该市场中存在有逆向投资策略 ,进而说明在日本金融市场中存在具有重要经济意义的过度反映效应 Employing conditional and unconditional CAPM and other statistical methods, this paper empirically analyzes the actual data of Japan’s stock market, and proves that there is a reverse investment strategy in this market, which shows that there is an over-reflection of economic importance in the Japanese financial market effect