The Nikkei Average rose sharply in the Tokyo stock market, with high-priced stocks pushing up the index in the morning session. TOPIX was also seen turning positive amid expectations that the yen's depreciation would continue.
As of 1:38 p.m., the Nikkei Average was up more than ¥800 from the previous day, with gains in SoftBank Group and Fast Retailing accounting for more than 500 points of the index's rise. TOPIX edged higher in the morning session, while market participants attributed the market's strength to large-cap exporters, against the backdrop of currency movements.
At the morning close, the Nikkei Average had rebounded, rising ¥555.26 from the previous day to ¥64,769.74. Gains in high-priced technology stocks provided support, while TOPIX stood at 4,094.48, down 7.56 points. Trading volume was 1.04411 billion shares, and trading value was ¥4.1479 trillion.
By sector, information and communications, securities and commodities futures, and retail rose. Marine transportation, pharmaceuticals and wholesale declined. The Standard TOP20 and growth-related stocks maintained their rebounds. At 10:17 a.m., SoftBank Group was up more than 7%, helping push up the Nikkei Average.
The Nikkei Average widened its gains again after 10 a.m., but the yen moved toward appreciation and automobile stocks and others remained soft. More than half of Prime Market issues declined, and TOPIX again traded in negative territory.
At the open, buying led the market higher, and the Nikkei Average began by rebounding, following gains in U.S. stocks as expectations for an early rate hike by the U.S. Federal Reserve Board (FRB) receded.