ONLINE fashion retailer Start Today, robotics company Yaskawa Electric and conglomerates Itochu and Toyota Tsusho were among the top-performing holdings of the £532 million Baillie Gifford Japan Trust during its first half, writes Ian McConnell.

The trust also flagged its recent investment in Cyberdyne, which makes mind-controlled exoskeleton robots to help rehabilitate people suffering from spinal injury or strokes.

Net asset value per share rose 13.3 per cent during the six months to February 28. Its benchmark index, the TOPIX, appreciated by 13.6 per cent.

Noting Liberal Democratic Party rule changes could mean Prime Minister Shinzo Abe could still be in post at the time of the 2020 Olympics, the trust said this could give Japan relative political stability among developed countries.