In the afternoon session on the 28th, the Nikkei Average edged lower. Although buying led the market at one point, most of the gains were subsequently erased. Dollar-yen remained firm, with buying back of the dollar observed. Ibiden was the top drag, followed by Kioxia Holdings.
In afternoon trading on the 28th, the Nikkei Average edged lower. Buying led the market after the open, but profit-taking selling erased the gains and pushed the index into negative territory. Based on the morning session's movements, SoftBank Group, Advantest, Recruit Holdings and Screen Holdings rose, while Ibiden was the largest drag, followed by Kioxia Holdings. The afternoon session is expected to lack clear direction, with changes in supply and demand drawing attention.
Dollar-yen remained firm throughout the day, rising from the low ¥158 range to the upper ¥158 range. Lower long-term US yields also supported the market, and buying back of the dollar continued.
O-Will and G.C. Planning, among the market's watched stocks, at times hit the daily price limit. Movements among major domestic stocks, however, were mixed from stock to stock. The Nikkei Average at times rose above its 75-day moving average in the afternoon, but the recovery was sluggish. Supply and demand trends ahead of the ex-rights date are expected to be key.
Japan's corporate services price index was reported to have risen, while comments by officials suggested discussions about gradually adjusting the degree of monetary accommodation and cutting rates below the estimated range for the neutral rate. These factors are viewed as potentially affecting the market's medium- to long-term direction.