J P M O R G A N Global Markets Strategy 13 July 2026 Japan Equity Strategy AI market mini rotation and Japan equity strategy Semiconductor stocks have fallen since peaking in late June, and the past three weeks have looked like a mini correction. Over the past three weeks (from June 22 through July 10), TOPIX has been roughly flat, while the Nikkei 225 fell 4% and the Nikkei semiconductor index fell 15%. In global markets, the S&P is also up 1% while semiconductor indices have fallen more than 10% (generall ...