The Nikkei Average was down ¥162 in afternoon trading, while the KOSPI's move into positive territory was seen as a factor supporting share prices in the Tokyo market.
The Nikkei Average was down approximately ¥163 as of 1:50 p.m. By contribution, Fast Retailing, SoftBank Group and Recruit Holdings were among the biggest negative contributors. Meanwhile, Advantest, Tokyo Electron and Kioxia Holdings were among the leading positive contributors. By sector, declines were particularly notable in other products, precision instruments, pharmaceuticals, retail, and glass and ceramics products, while marine transportation, insurance, oil and coal products, wholesale, and mining were relatively firm.
The market has shown signs of limiting downside. The KOSPI has reversed an earlier decline and moved higher, while Dow futures have remained firm, both of which are seen as factors supporting share prices in the Tokyo market. At the same time, domestic long-term interest rates have been trending higher against a backdrop of rising U.S. long-term interest rates, which may also be weighing on share prices.