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Japan's stock market was volatile in January, on fears that a US-led recession may deepen domestic economic woes. However, sentiment recovered after the US Federal Reserve cut interest rates twice. Despite keeping its overall economic assessment unchanged, the government warned of a more uncertain outlook. Export growth cooled for a second straight month in December, due to weaker US demand for cars and electronics.Domestic households continued to struggle with higher food and fuel prices, as inflation hit a nine-year high in December. Consumer sentiment dipped to its lowest level in four years. Third-quarter corporate results highlighted the disparity between exporters and domestic-oriented companies. Retailers Seven & I Holdings and Parco were lacklustre, while Shin Etsu Chemical and Mandom enjoyed overseas gains.There were no strategic changes to the portfolio during the month.

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