TOPIX continued to rise this month. The Japanese equity market rallied on expectations of a slowdown in the pace of interest rate hikes in response to the lower-than-expected U.S. CPI. The market rose mainly in large-cap stocks due to strong corporate earnings announcements in the first half of the month. In the latter half of the month, the market further increased thanks to expectations of a slowdown in interest rate hikes following the FOMC meeting summary.
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