Schematic model of Noc, PPARγ and Igf1 network in the bone marrow. The fate of mesenchymal stem cells (MSCs) is regulated by a number of transcription factors. PPARγ and C/EBPs regulates the specification of MSCs toward the adipogenic lineage, while Runx2, Osterix and Dlx5 favors osteoblastogenesis. Circadian-regulated gene, Nocturnin (Noc), increases PPARγ activity in part by stimulating its nuclear translocation and enhances adipogenesis. In contrast, Noc is a negative regulator for osteoblastogenesis. Noc downregulates Igf1 expression probably through targeting the long-form 3′ UTR of Igf1 transcripts, resulting in the decrease in IGF-I protein levels in the skeletal microenvironment. Because IGF-I is a pivotal factor for skeletal metabolism, Nocinduced bone loss may be in part explained by its activity to decrease IGF-I levels. Importantly, Noc is induced by external stimuli such as high-fat diet and rosiglitazone, thus proposing the possibility that Noc is a circadian factor linking external stimuli and cellular metabolic outputs. PPARγ, Peroxisome proliferator-activated receptor-gamma; C/EBP, CCAAT enhancer binding protein; Runx2, Runt-related transcription factor 2; Dlx5, Distal-less homebox homolog 5; Msx2, Muscle segment homeobox homolog of 2.