Tokyo stocks rebounded as a pause in US interest-rate rises provided support. At the morning close, the Nikkei Stock Average had risen to ¥65,982.49 and TOPIX to 4,048.72, with buying prevailing across most stocks.
The Nikkei Stock Average ended the morning session up ¥656.07 from the previous day at ¥65,982.49, while TOPIX rose 36.41 points to 4,048.72. Trading volume reached 1.07094 billion shares and trading value totaled ¥4.3789 trillion, with buying prevailing across the market. The view was expressed that investor sentiment had improved as the global rise in interest rates temporarily stalled.
At 10:16 a.m., the Nikkei Stock Average was briefly up more than 900 yen, and buying to cover short positions and purchases of previously overlooked stocks continued after the morning's initial trading subsided. Some observers noted that gains were particularly prominent in sectors that had lagged previously, even as concerns over the finances of AI-related stocks continued to simmer.
By stock, Tokyo Electron and Ibiden edged lower, while Sumitomo Metal Mining advanced. Upside in electric-wire stocks, including Fujikura, was limited. Of the 33 sectors, transport equipment, pharmaceuticals, and information and communications rose, while steel and banking declined.
At the open, stocks began by rebounding at levels above the previous day's close, with buying leading across a broad range of issues. After the Nikkei's sharp drop the previous day, its valuation appeal improved, and buying spread at times, according to market participants.