The Nikkei 225 ended September at ¥66,753, while the one-month-ahead outlook DI among 1,872 individual investors maintained a bullish reading at about the same level as the previous survey. The October market also saw periods when the index recovered to the ¥70,000 range.
In the September survey of individual investors, expectations for further gains were maintained despite sharp movements in the Nikkei 225. The Nikkei 225 closed September at ¥66,753, with the month's high-low spread exceeding ¥4,300, indicating generally heightened volatility. There were periods when value stocks, including bank and trading company shares, as well as small and mid-cap stocks, attracted buying, while interest in AI- and semiconductor-related stocks also supported the market.
By DI breakdown, the one-month-ahead reading was +2.40 and the three-month-ahead reading was +25.37. Bullish sentiment for one month ahead remained at almost the same level as in the previous survey, while expectations for further gains remained predominant over the medium to long term. More than 40% were bullish three months ahead, suggesting optimism about the market through the end of the year.
In the October market, the Nikkei 225 had periods when it recovered to the ¥70,000 range, while AI- and semiconductor-related stocks drove the market on positive reactions to Micron's results and views on US economic indicators. With earnings season approaching, expectations for growth stocks' earnings and trends in value, small-cap and mid-cap stocks were seen as key points of focus. As long as the trend of rising interest rates continues, the view was indicated that further gains in share prices will require catalysts for lower interest rates and growth in corporate earnings.