Japan Equity Strategy: Monthly Wrap: Mini reversal of AI-driven market? — Decline in AI semiconductor stocks extends from US to Japan and Asia

研报英文原文证据摘录

Japan Equity Strategy: Monthly Wrap: Mini reversal of AI-driven market? — Decline in AI semiconductor stocks extends from US to Japan and Asia

J P M O R G A N Global Markets Strategy

02 July 2026

Japan Equity Strategy: Monthly

Wrap

Mini reversal of AI-driven market? — Decline in AI

semiconductor stocks extends from US to Japan and

Asia

The Japanese stock market started June by continuing the strong AI-driven market, Equity Strategy

ACbut the decline in US hyperscaler stocks extended to tech stocks in Asia, including Rie Nishihara

Japan, at the end of the month. TOPIX rose 0.9% for the month while the Nikkei (81-3) 6736-8629

225 gained 5.6%, with semiconductor stocks driving the market higher. However, rie.nishihara@jpmorgan.com

the US S&P 500 fell 1.1%, due mainly to the Magnificent 7 (−8.9%), and KOSPI JPMorgan Securities Japan Co., Ltd.

held flat for the month on a large decline in the final week. Accordingly, Japanese Yong Guo, CFA

stocks performed relatively well. In Japan’s AI sector, semiconductor production (81-3) 6736-8623

yong.guo@jpmorgan.com

equipment and electronic components continued to rise, and physical AI also JPMorgan Securities Japan Co., Ltd.

increased, supported by the government’s announced growth strategy. In non-AI

Mansi Das

sectors, financials, food, construction, and retail outperformed, mainly in the (91) 2261 573343

second half of the month. For macro conditions, investors factored in US interest mansi.das@jpmchase.com

rate hikes after a hawkish FOMC meeting, but crude oil prices declined. In Japan, J.P. Morgan India Private Limited

the BoJ raised the policy rate to 1% at the June meeting, but due to heightened Mislav Matejka, CFA

expectations for US rate hikes, JPY fell to a 40-year low versus USD, reaching the (44-20) 7134-9741