The Japanese equity market saw TOPIX fall by 3% while the Nikkei 225 slid by 3.1%. In the first half of the month the Japanese equity market was rocked by swings in US bond yields and rising tensions in the Middle East. Speculation over the Bank of Japan (BOJ) potentially amending its monetary policy strategy also weighed on equities. Towards the end of the month US long-term interest rates topped 5%, which was a headwind for Japanese equities. Large cap stocks outperformed in the beginning of the month but small and mid cap stocks dominated towards the end of the month.
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