The Japanese stock market reached a 33 year high in May, with the TOPIX index up 3.6% and the Nikkei 225 up 7.0%. The market reacted favourably towards the middle of the month as overseas investors bought up Japanese equities, driven by expectations of a rise in wages and a recovery in domestic demand and corporate earnings. Rising inflation in the US also provided a tailwind for export-oriented stocks due to the depreciation of the yen. Meanwhile the market softened towards the month-end as April industrial production fell short of the market consensus.
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