Tokyo stocks continued to decline amid concerns over AI regulation. The Nikkei Average ended the morning session down ¥275, while the TOPIX posted a modest rebound.
This is a summary of the market before the afternoon session. The Nikkei Average continued to decline, ending at ¥61,913.51, down ¥275.12 from the previous day, while the TOPIX rebounded by 59.91 points to 3,955.29. Trading volume was 1.82305 billion shares and trading value was ¥5.708 trillion. By sector, marine transportation, mining and nonferrous metals fell, while real estate, rubber products and transportation equipment rose. The Standard TOP20 rebounded, while the Growth market rose.
At 10:01 a.m., the Nikkei Average had temporarily widened its gain to nearly ¥500 before losing momentum. Some viewed this as indicating that the movement of funds into AI-related stocks was becoming more pronounced in other sectors. Meanwhile, the TOPIX was up around 2%, prompting speculation that pressure on the overall market had eased on lower oil prices and developments related to the midterm elections. Automobile stocks benefited from the tailwind, with Toyota Motor rebounding sharply and reportedly contributing to the TOPIX’s rise.
At the open, the Nikkei Average began the morning session up ¥196.10 at ¥62,384.73, with buying leading the market as it followed gains in US stocks after the US midterm election vote count. At times, buying was observed spreading across the market to stocks other than AI-related issues. (End)