Emerging markets outlook: Focus is shifting to the main board market, while emerging markets are experiencing quiet market developments.

■Large cap stocks on the main board were bought amidst selling dominance. This week, emerging markets declined. During the same period, the Nikkei average rose by +2.31%, while the growth market index fell by -1.59% and the growth market 250 index decreased by -1.05%, highlighting the weakness in emerging markets. There were observations of buying by foreign investors related to the management and operation plan of the Government Pension Investment Fund (GPIF) starting next fiscal year, which led to large cap stocks on the main board being bought, while the growth market, which had been rising due to interim buying, faced a setback.

Fisco JapanDec 7 12:32