Market Review for June 2024
This is a marketing communication. Please note past performance information does not predict future returns.

MONTHLY REVIEWIn June, Japanese equities saw gains with the Nikkei 225 and TOPIX indices rising by 1.3% and 2.8% respectively, driven by factors such as semiconductor stock
rebounds, dividend reinvestment, the weak yen and positive sentiment regarding the performance of US equities. There was some volatility earlier in the month, but
the market stabilised towards the end. Prime Minister Kishida's declining approval ratings, and the Bank of Japan's decision to maintain its policy rate also
contributed to the volatility of the market. While foreign investors were net-sellers over the month they began to buy back stocks towards the end of June. Small capstocks were dominant with the TOPIX Small Cap Index rising by 2.5% compared with the 1.1% gain by the TOPIX Large Cap Index, growth stocks were also strong
with the TSE Growth Market 250 Index going up 6.9%.

TABLE 1. MARKET PERFORMANCE(as of the end of June 2024)

Index

ReturnYear to Date

TOPIX

2,809.63

1.34%

18.73%

Nikkei 225

39,583.08

2.85%

18.28%

Jun-24May-24End of 2023

160.88157.31141.04USD/JPY**Bloomberg's preferred default source of generic FX data

FIGURE 1. TOPIX and USD/JPY
TOPIX (LHS)

FIGURE 2. GLOBAL EQUITY MARKET MONTHLY PERFORMANCE(as of the end of June 2024, local currency)

USD/JPY (RHS)

2,900

190

2,800

5.0%

3.9%

3.5%

180

2,700
2,600

170

2.8%

2.1%

1.3%

0.0%

2,500
160

2,400
2,300

-1.3%

150
140

2,100
2,000

130

1,900
1,800
Jun-23-2.0%
-3.9%

-5.0%

2,200

-1.4%Aug-23

Oct-23

Dec-23

Feb-24Apr-24120
Jun-24

TABLE 2. TOP 5 PERFORMING SECTORSTABLE 3. BOTTOM 5 PERFORMING SECTORS

SectorInsurance

ReturnSector
Rubber Products

Return7.09%

Warehousing & Harbor Transportation Services

5.52%

Electric Power & Gas-6.77%

Services

4.53%

Marine Transportation-5.06%

Information & Communication

4.48%

Transportation Equipments-2.99%

Electric Appliance

3.62%

Nonferrous Metals-2.56%

ReturnTABLE 5. BOTTOM 5 PERFORMING STOCKS*
Name
Ticker-7.00%TABLE 4. TOP 5 PERFORMING STOCKS*
Name

Ticker

GMO PAYMENT GATE

3769 JT Equity 30.59%

SOCIONEXT

6526 JT Equity -16.80%

MITSUBISHI HEAVY

7011 JT Equity 25.95%

TOYO SUISAN

2875 JT Equity -15.69%

TDK6762 JT Equity 25.65%

CHUBU ELEC POWER

9502 JT Equity -12.25%

TAIYO YUDEN

6976 JT Equity 23.56%

LASERTEC

6920 JT Equity -10.87%

ROHTO PHARMA

4527 JT Equity 22.09%

SHIONOGI

4507 JT Equity -10.84%*Stocks with a market cap of over JPY 500 billion at the beginning of the monthNote. Figures on this sheet are from SuMi TRUST, Bloomberg, NEEDS, MSCI and Nomura (as of June 2024)

1ReturnMarket Review for June 2024

FIGURE 3. VALUE-GROWTH SPREAD

FIGURE 4. LARGE-SMALL CAP SPREAD

30%30%20%20%
Large

Value10%10%0%0%
Small

Growth-10%-20%
Jun-23Aug-23Oct-23

Dec-23

Feb-24Apr-24-10%-20%
Jun-23Jun-24Aug-23Oct-23

Dec-23

Feb-24Apr-24Jun-24

Note: The spread between the Russell/Nomura Large Cap Index and
the Small Cap Index (Positive figure means Large Cap dominant)Note: The spread between the Russell/Nomura Value Index andthe Growth Index (Positive figure means Value dominant)

FIGURE 5. MSCI JAPAN FACTOR INDEXES SPREAD AGAINST MSCI JAPAN*
35.00%

Quality

Minimum Volatility

High Dividends

30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%-5.00%-10.00%Jun-23Aug-23Oct-23

Dec-23

Feb-24Apr-24Jun-24*The measurement begins from the end of June 2023, starting from 0%.

FIGURE 6. MONTHLY INVESTMENT ACTIVITIES BY INVESTOR TYPE IN THE JAPANESE EQUITY MARKET**(JPY billion)
8,000
6,000

Individuals

4,000

Overseas Investors

2,000

Pensions

0Financial Institutions-2,000Others-4,000-6,000-8,000-10,000
JanFebMarAprMayJunJulAugSepOctNovDec**Latest month figures are until the 3rd week of the monthNote. Figures on this sheet are from SuMi TRUST, Bloomberg, NEEDS, MSCI and Nomura (as of June 2024)

2YTD

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