The Japanese equity market moved upwards in September, with the TOPIX (w/dividends) climbing 4.34% on-month and the Nikkei 225 (w/dividends) rising 4.28%. Stock prices began the month lower on heightened risk aversion in response to growing geopolitical tensions after events such as a nuclear test by North Korea, as well as concerns that Japanese exporters’ earnings would be negatively impacted by appreciation of the yen against the euro and the US dollar.