TOPIX ended up on the previous month-end. The Japanese equity market was supported by the current ruling parties’ election win and expectations for a slowdown of US interest rate rises. The Liberal Democratic Party, one of the current ruling parties, won the majority at the upper house election. The market favoured this, bringing more political stability to Kishida’s cabinet. In addition Federal Reserve Chair Powell’s comments at the FOMC meeting hinted at a delayed interest rate rise, which underpinned the market.
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