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AMO Japan Market Review October 2023

15th November 2023

Japanese Investment Commentary and Market Outlook October 2023

'Shares pulled back on fears'

In October, the Japanese stock market declined along U.S. equities due to higher U.S. interest rates and increasing geopolitical risks.
The TOPIX 12-month forward Price-to-Earnings (PER) remained below 14x, while the 12-month forward Earnings Per Share (EPS) continued to rise.
At the end of the month, the Bank of Japan adjusted the yield curve control (YCC) operations again, causing the 10-year Japanese Government Bond (JGB) yield to rise. However, this did not prevent the yen from depreciating against other currencies, reaching a year-to-date low of 151 yen versus the dollar.

 

 Full article: pdf AMO Japan Market Review October 2023

Written by Serge Kasai, Senior Product Specialist, Asset Management One Co., Ltd

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