In April the Japanese TOPIX and Nikkei 225 indices faced declines, primarily driven by the downturn in U.S. semiconductor stocks and escalating tensions in the Middle East. In particular, the Nikkei 225 experienced a significant drop mid-month, although by the end of the month it had begun to recover as foreign investors increased their cash stock purchases, alongside active retail investor participation. Although the yen's rapid depreciation against the U.S. dollar benefits export stocks, it is speculated that Japan's Ministry of Finance intervened in the currency market. Meanwhile at this month's Monetary Policy Meeting the BOJ announced their intention to maintain the status quo in terms of monetary policy.

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