The Japanese stock market continued its rally in July, with TOPIX up 1.5% and the Nikkei 225 down only 0.1%. At the start of the month unexpected yen appreciation weighed on the market however the stock market recovered towards the second half of the month due to the strong performance of US stocks. The Bank of Japan surprised markets at the month-end with a tweak to its yield curve control policy, which lead the yen to spike up. However optimism surrounding the US market spread to Japanese equities. July saw small- and mid-cap stocks perform well in the first half of the month, while large caps shined in the latter half of the month.
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