日本股市在崩盘一周年后站稳脚跟，投资者适应利率上升新现实

Group 1 - The Japanese stock market has stabilized after a tumultuous year, with the benchmark index experiencing a 12% drop and a market value loss of over $670 billion following an unexpected interest rate hike by the central bank [1] - The Topix index is now hovering near historical highs, having withstood two major declines and a significant unwinding of yen carry trades [1] - Analysts believe the market environment appears more stable, with further interest rate hikes possible, contrasting with previous sentiments [1] Group 2 - Investors remain cautious about the yen's exchange rate, despite a 2% increase against the dollar following disappointing U.S. employment data [3] - The volatility of the yen over the past four weeks is significantly lower compared to a 10% surge in the same period last year, indicating a shift in market sentiment [3] - The market has adapted to the new reality of rising Japanese interest rates, reducing the likelihood of large-scale unwinding of carry trades [3]