The Nikkei Average opened ¥115 higher as buying led the market, but gains have stalled since the open. The report focuses on price movements during the 9 a.m. hour.
The Nikkei Average was up ¥115 as of 9:05. Buying led at the open, while the previous day's gains in U.S. stocks created conditions conducive to dip-buying.
Domestic factors weighed on the market, including rising long-term interest rates, while uncertainty over the outlook for the situation in Iran also made investor sentiment more cautious. The fact that crude oil futures and U.S. long-term interest rates remained elevated in overseas markets was also said to have had an impact. In the foreign exchange market, the yen strengthened and the dollar weakened, with the exchange rate moving into the ¥158.80 range.
Although reports indicated that buying was dominant at the open, the Nikkei Average's gains were subsequently restrained, with some views holding that moves remained limited to specific areas of the market.