On Wall Street, it is said to be Sell in May (stocks sold in May). As is the case with Japan's market quotes for the setsubun ceiling and the bottom of the equinox, this is due to the seasonal investment behavior of institutional investors. In the case of America, individual income tax refunds (just over 40 trillion yen in 2024) were made from February to May. It is a structure where these funds flow into the stock market through mutual funds and support stock appreciation.
　However, that hasn't been the case recently. Rather, the trend of Sell in June (pattern of high price formation from June to July) is strong.
　The same goes for the Japanese market. In the case of Japan, stock buybacks will be announced when the March financial results are announced. Toyota Motor Corporation (7203) is a good example (the total amount is 1 trillion yen, 410 million shares, and a share buyback of 3% of the number of issued shares has been announced). Stock buybacks may have delayed the high price formation period to June.
　Of course, I'm not advocating Sell in June in this situation. It's just a match. Also, there is still a possibility that Prime Minister Kishida will be dissolved and run for a general election at the end of the Diet session on June 23 this year. “Stock appreciation” in the dissolution, general election and stock market...