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Market Review for January 2022

TOPIX ended down on the previous month-end. The Japanese equity market declined along with the US equity market due to growing expectations of higher US interest rates. Concerns over the increase in domestic cases of COVID and geopolitical risks over Ukraine also weighed on the market.

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Inflationary Pressures in Japan

Prices are rising worldwide due to normalization of economic activity, soaring commodity prices, and supply constraints caused by turmoil in the value chain. In Japan, there are signs of inflation as seen in the sharp rise in the domestic corporate goods price index. But inflationary pressures on goods and services at the consumer level have not risen as much.
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Normalization After the State of Emergency

Japan's most recent State of Emergency was lifted at the end of September, and with Japan joining the ranks of highly vaccinated countries we expected that a path of economic normalisation lies ahead for the country. Some sectors will see particular growth with the normalisation of economic activity, and Japan is unlikely to see similar restrictions re-imposed.
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Market Review for September 2021

TOPIX ended up on the previous month-end. Although the Japanese equity market was dampened by concerns over the default of the large Chinese property company, Evergrande and an increase in US bond yield, it rose on the expectations for new leadership after Prime Minister Suga’s announcement to step down and for the normalisation of economic activities with steady progress of Japan’s vaccination campaign.