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. Spring labour negotiations Japan saw its largest average wage hike in over 30 years, with this factor contributing to the BoJ’s decision to end negative interest rates as the market had expected. Gains were centred around large cap value stocks with foreign investors remaining net buyers of Japanese equities for the third month running.                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                                                                                                  

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