The Nikkei Stock Average extended its gains into the afternoon, but stalled near the close, while buying in semiconductor-related stocks supported the market. At the same time, investors adopted a more wait-and-see stance ahead of the US FOMC and the BOJ's monetary policy meeting.
In the Tokyo stock market on the 28th, the Nikkei Stock Average rose sharply for a second consecutive session, ending up ¥685.82 from the previous day at ¥63,954.19. In the afternoon, it briefly expanded its gain to ¥1,040.34, reaching ¥64,308.71, but the advance narrowed toward the close. The TOPIX on the TSE Prime Market fell back 5.66 points to 3,991.71.
Semiconductor-related stocks were the main focus of buying. Kioxia Holdings, Taiyo Yuden, Renesas Electronics and Murata Manufacturing rose, while Disco, Tokyo Electron and SoftBank Group also contributed to the Nikkei's advance. By sector, 10 sectors rose, led by glass and ceramics products, electric appliances, nonferrous metals, machinery and chemicals, while insurance, foods, and oil and coal products stocks declined.
Market-wide gains were limited ahead of the release of the FOMC decision later in the week, the ECB's policy-rate announcement and the BOJ meeting. The Nikkei's rise was concentrated in some technology stocks, while the TOPIX's decline suggested that buying had not spread across the broader market. In Asian markets, Shanghai traded slightly higher and Hong Kong edged up.