TOPIX ended down on the previous month-end. The Japanese equity market started up at the beginning of the month on the weakest yen against the USD in the past 20 years. However, market sentiment was dampened by growing concerns over global inflation and tightening monetary policies by central banks in the US and Europe after it was revealed the ECB’s positive stance for tighter monetary policy and the higher than expected CPI in the US. The worse than expected consumer confidence index (CCI) in US and hawkish comments by Powell, the Chair of the FRB, added further negative sentiment.
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