TOPIX ended down on the previous month-end. The Japanese equity market declined due to external risk factors including the Federal Reserve Bank’s (FRB) hawkish stance and the UK’s controversial fiscal policy. The FRB raised US interest rates by 75 bps in three consecutive Federal Open Market Committee meetings and showed their commitment to further tightening monetary policy, which shocked the global equity market. The UK’s new fiscal policy followed by plunges in gilts, sterling and UK equities also dampened market sentiment.
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