Japanese stocks declined for the first time in four sessions against a backdrop of concerns over the removal of Nvidia’s CEO, with the Nikkei average closing ¥429 lower than the previous day at ¥60,819. Selling gained the upper hand in the afternoon after gains in the morning session.
The Nikkei average rebounded to nearly ¥61,475 at one point in the morning session before turning lower in the afternoon on concerns over the removal of Nvidia’s CEO, ultimately closing ¥429 lower. TOPIX edged higher, while the TSE Growth Market declined for the first time in four sessions.
Among individual stocks, IBIDEN fell as much as 8.3% to ¥6,344. The view was that the company, seen as a major customer of Nvidia, was subject to selling on concerns about the impact of its relationship with Nvidia. DOWA Holdings rose 10.9% to ¥8,613 on higher copper and zinc prices. Its forecast for current fiscal-year net profit exceeded its previous forecast, which was well received by the market.
NIPPON EXPRESS HOLDINGS set a new post-stock-split high, rising as much as 7.6% to ¥6,060. Its current fiscal-year net profit forecast was sharply raised to ¥80 billion, well above the previous forecast. Nintendo rose 2.3% to ¥8,563, rebounding on strong sales of The Legend of Zelda: Ocarina of Time.
Bengo4.com fell as much as 19.6% to ¥4,110. Despite a substantial increase in profit in its interim results for the current fiscal year, a sense that the results were disappointing compared with market expectations and that the stock’s rise had run its course were seen as factors indicating that the positive news had been fully priced in.