Last July, the BoJ decided to continue its accommodative policy by maintaining its main rate at -0.1% and its yield target at 0% for 10-year government bonds. In this environment, the Nikkei touched its highest annual level but the attempt failed, cooled by the contraction of manufacturing activity in the United States.

Since August, the textile and metals sectors have shown some weakness, as evidenced by the declines in Unitika (-25%), Kobe Steel (-17%) and Toho Zinc (-14%).
On the other hand, Casio posted the strongest increase (+35%) after publishing results that were significantly higher than expected. Nomura also achieved a strong performance over the period (+23%), driven by the choice of SoftBank, which selected the bank as the lead bank for a 400 billion Yen fundraising campaign in August Graphically, in daily data, the crossing of the 21,760-point resistance was unsuccessful. Indeed,   the sales consensus became dominant, pushing the index back against its moving average to 20 days. Buyers could appear in a price range between 21,050 and 21,200, a convergence area for moving averages of 50 and 100 days. Only a failure of the 21,050 would further weaken the configuration.