Japanese Investment Commentary and Market Outlook August 2023
'Rising yields swing stocks and the yen falls'
The Japanese stock market initially experienced a decline from the beginning to the middle of the month due to rising long-term interest rates both in Japan and the United States but rebounded towards the end due to less hawkish statement from the Fed and strong corporate earnings. TOPIX 12 month forward PER fell below 14x.
Written by Serge Kasai, Senior Product Specialist, Asset Management One Co., Ltd