In the Tokyo market, the Nikkei fell back. Although the decline at one point came close to ¥600, buying returned to undervalued stocks during the recent downturn, supporting the downside. The morning close was ¥62,214.66, down ¥478.50 from the previous day.
In the Tokyo market at the start of the week, the Nikkei Stock Average fell back, opening 241 points below the previous day's close shortly after trading began. Although the morning decline at one point came close to ¥600, buying emerged in undervalued stocks that had fallen recently, and the Nikkei traded only slightly lower.
The South Korean market showed broadly similar movements, with the KOSPI remaining in negative territory from the opening. Individuals and institutions bought in response to foreign selling, while the KOSDAQ opened slightly lower. The won-dollar exchange rate moved little, with the currency trading around 1,323 won to the dollar.
A sharp rise in crude oil prices unsettled markets. WTI rose into the $100 range and North Sea Brent into the $115 range amid views that military tensions between the United States and Iran were flaring up again. This heightened concerns about corporate costs and the burden on household budgets, and the stock market appeared to strengthen its risk-averse stance.
With monetary policy decisions and earnings announcements in Japan, the United States and Europe continuing this week, investors are expected to adopt a more wait-and-see stance as they assess the results. The market's direction may depend on monetary developments in Japan, the United States and Europe and the earnings of major companies.