The Nikkei 225 rebounded at the open, while SHIFT announced that it would establish a ¥15 billion fund with Tokyo Gas to invest in AI and DX companies. Axelspace raised approximately ¥4.3 billion through share acquisition rights and plans to allocate the funds to satellite manufacturing.
At the Tokyo market open, the Nikkei 225 rebounded as buying led the market on a reaction to the previous day's decline. Among individual stocks, SHIFT attracted buying and appeared to act as an anchor, but gains across the market remained constrained, with the overall market continuing to struggle around ¥65,000.
The main news was that SHIFT announced a basic agreement with Tokyo Gas to establish a ¥15 billion fund. The fund's primary purpose is to invest in AI- and DX-related companies, with an investment period of 7 years and an execution period of 3 years. SHIFT and SHIFT Growth Capital will jointly manage the fund.
Axelspace announced the issuance of share acquisition rights through a third-party allotment and related agreements, with total proceeds of approximately ¥4.3 billion. The funds are expected to be used to expand its satellite manufacturing and launch capabilities, with dilution expected to reach approximately 24.8% of total shares outstanding at most.
Among other developments, Takashimaya plunged after announcing an earnings outlook below market expectations. Market reactions to companies' segment-level trends and overall earnings outlooks are affecting investor sentiment.