Japanese equity markets finished lower quarter-over-quarter after the Bank of Japan raised interest rates and signaled further increases to come. After decades of deflation, prices rose across the board in Japan during the quarter. Markets continued to be volatile in August, as key indexes saw their largest daily percentage plummets since the 1987 Black Monday crash, which lead executives from Japan’s Ministry of Finance, the Financial Services Agency and the Bank of Japan to hold a trilateral meeting. However, the market quickly rebounded and then modestly rose through the end of August before experiencing continued volatility with a late dip in the final days of September after Shigeru Ishiba won the Liberal Democratic Party election.
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The specific securities identified and described in this report do not represent all the securities purchased, sold, or recommended to advisory clients. There is no assurance that any securities discussed herein will remain in an account’s portfolio at the time one receives this report or that securities sold have not been repurchased. It should not be assumed that any of the securities, transactions, or holdings discussed herein were or will prove to be profitable. Holdings are representative of Harris Associates L.P.’s Japan Unhedged composite as of 09/30/2024.
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