In Japan, the Topix shed 4.66% over the month of November (in yen). Meanwhile, the yen climbed 4.53% against the euro. The portfolio underperformed the market by 75 basis points over the period.

Nearly all sectors took a fall, with cyclical profiles posting the worst declines (predominantly maritime transport, brokerage firms, steel and non-ferrous metals).

With the European crisis raging on and US politicians failing to reach an agreement on reducing the US budget deficit, the Japanese market hit a new low for the year this month.

Against this backdrop, Japanese companies continued to develop. Toyota entered into an agreement with BMW, Sharp became a preferred partner of Apple for screen supplies, Kirin Holdings took full control of its subsidiary in Brazil, and the Tokyo Stock Exchange announced the absorption of Osaka Securities Exchange.