A year after an epic rebound in the yen upended currency trading and sent shares tumbling from Tokyo to New York, Japan’s stock market has found firmer footing.
It’s taken two major routs and a significant unwinding of the carry-trade strategy, used by global investors to borrow heavily in the relatively low-yielding yen to buy other currencies offering higher returns.
But twelve months on from Aug. 5, 2024, when Japan’s stock benchmarks plummeted 12% and the market lost over $670 billion in value following an unexpected rate hike by the Bank of Japan, the broader Topix index is once again hovering near record highs.
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