Japanese stocks are looking more attractive this month as investors keep a cautious eye on global events, according to new data from Tokyo-headquartered financial holding company Nomura.

Investors in Japan are paying closer attention to domestic earnings this month, according to Nomura's latest Individual Investor Survey.

As the debt burden continues to shroud Greece, international affairs were once again the most watched factor of the month, with over half of those surveyed deeming this factor the most likely to impact the stock market over the next three months. Meanwhile, those choosing domestic corporate earnings as the most influential factor jumped the most month-on-month, reflecting a more narrowed focus on Japanese stocks.

Toyota Motor came out on top as the country's most popular stock to hold in a portfolio and, correspondingly, automobiles as the most appealing sector. Nomura attributed this sector's popularity to the depreciation of the yen against the dollar and strong US performance in new car sales.

Worth noting also was the financials sector with a 9.7 point month-on-month climb in investment appeal, while transportation and utilities fell from eighth to sixth place in March.

Elsewhere, when asked about the impact on Japanese equities if and when the US Federal Reserve raises interest rates, at least one in three investors expects there to be short-term damage but little adverse effect over the longer term.

The survey was conducted from 2-3 March and deduced its results from 1000 investors from several regions across Japan.