In January, Japanese equities rebounded in price due to a weaker yen and higher U.S. stock prices. The TOPIX surged by 7.8% to its highest point in the past 2 months, while the Nikkei 225 reached the 36,000-yen level, up by 8.4%. This takes the Nikkei 225 to its highest level in 34 years. However, in the wake of the tragic earthquake on the Noto Peninsula the Bank of Japan (BoJ) remains cautious and will continue its monetary easing policy, although it is expected that this may change in the coming months. These expectations have proved to be a tailwind for Japanese equities. Growth factors dominated towards the beginning of the month, but were overtaken by value factors in the latter half of the month. Meanwhile large cap stocks outperformed this month.

Table 1 January 2024
Figure 1-2 January 2024
Table 2-5 January 2024
Figure 3-4 January 2024
Figure 5 January 2024
Figure 6 January 2024

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