The Tokyo stock market lacked direction in early trading, with the Nikkei Average up ¥7.64 from the previous Friday at a morning close of ¥68,721.44. Buying in semiconductor-related stocks pushed the market higher at times.
The Tokyo stock market lacked direction at the start of the week, and the Nikkei Average edged higher from the previous Friday. TOPIX, however, declined, with the fall in U.S. stocks weighing on the market after buying ran its course.
The morning close was ¥68,721.44, while TOPIX stood at 4,172.15. Buying in semiconductor-related stocks lifted the broader market, which at one point was up more than ¥300 in early trading.
Corporate earnings releases confirmed improved profitability across a broad range of industries, supporting expectations of an upward trend in the market. The decline in U.S. stocks last Friday weighed on the market, and buying gave way to selling after running its course.
Overall, expectations of a recovery in demand, particularly for semiconductor-related stocks, continued to support share prices, while market performance remained dependent on developments in U.S. markets.