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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