Japanese stocks have experienced significant growth in 2024, with the benchmark Topix index achieving a record high and increasing by approximately 15%. However, for investors dealing in US dollars, the situation is less favorable, as dollar-denominated gains are only about 3%. This discrepancy is attributed to a 10% decline in the yen against the US dollar.
In comparison, global indices such as the S&P 500 and the Hang Seng China Enterprises Index have reported gains exceeding 25% in dollar terms, highlighting a stark contrast in performance for dollar-based investors in Japan.