Japanese Investment Commentary and Market Outlook September 2023
‘Monetary policy trajectory rocks the market’
In September, the Japanese stock market rose initially before retreating and closing lower towards the end of the month. TOPIX 12 month forward PER fell below 14x as 12 month forward EPS rose. In terms of style, value continued to outperform growth. In terms of market capitalisation, mid- and small-cap underperformed large-cap stocks.