Funds

In April the Japanese TOPIX and Nikkei 225 indices faced declines, primarily driven by the downturn in U.S. semiconductor stocks and escalating tensions in the Middle East. In particular, the Nikkei 225 experienced a significant drop mid-month, although by the end of the month it had begun to recover as foreign investors increased their cash stock purchases, alongside active retail investor participation.

In March Japanese equities continued their strong performance. The Nikkei 225 briefly reached the 41,000 yen level before returning to hover around the 40,000 yen mark. Gains were centred around large cap value stocks with foreign investors remaining net buyers of Japanese equities for the third month running.