The Tokyo market remained firm at the afternoon opening, with the Nikkei average starting sharply higher. A pause in the rise in crude oil prices and gains in US stock futures provided the backdrop for broad-based buying, led by AI-related stocks.
The Nikkei average opened sharply higher in the afternoon, extending the morning session's rebound. As in the morning, stable domestic interest rates and calm crude oil prices provided support, and buying spread across a broad range of stocks.
The Nikkei average's morning close was ¥64,823.55, up ¥748.13 from the previous day, marking a rebound. It was at one point up more than ¥1,300, driven by strong earnings from US-based SpaceX and gains in artificial intelligence (AI)-related stocks. TOPIX was up 43.99 points at 4,053.20. Trading volume was approximately 1 billion shares, and trading value was approximately ¥3.4323 trillion.
Advancing stocks outnumbered declining stocks on the Standard Market, while stocks on the Growth Market also rebounded. AI- and semiconductor-related stocks continued to lead the market.
Market participants said SpaceX's earnings confirmed the rapid growth of the AI market and that the outlook for capital investment was providing reassurance. At the same time, some pointed out that concerns about the financial stability of AI-related companies remained.