The Japanese equity market saw TOPIX hit its highest level since March 1990, while the Nikkei 225 slid for the third consecutive month. Expectations for further US rate hikes fell in the first half of the month, providing a boost for Japanese equities. However in the second half of the month the Federal Open Market Committee members raised their policy rate projections amidst strong US economic indicators, causing Japanese equities to slide. Large cap value stocks outperformed in the beginning of the month but small and large cap growth stocks picked up towards the end of the month.

Table 1 September 2023
Figure 1-2 September 2023
Table 2-5 September 2023
Figure 3-4 September 2023
Figure 5 September 2023
Figure 6 September 2023

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