In 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 cap stocks 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%. 

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