It’s holiday season in Japan, and once again the benchmark stocks index is on course for a monthly decline. While it’s still early days, the Topix has fallen 3.2 percent so far in August after Prime Minister Shinzo Abe’s latest fiscal-stimulus package fell flat with investors. This should come as no surprise to students of the measure’s performance in times past: the Topix has retreated in August in eight of the past nine years.
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