The Nikkei Average fell sharply in Tokyo trading on 8 October, weighed down by weak Asian stocks and higher oil prices. Selling pressure briefly eased in the afternoon, but investor sentiment remained cautious overall.
The Nikkei Average fell sharply, narrowing its decline to ¥641 from the previous day as of 1:50 p.m., although it had been sold down to around ¥69,290 at approximately 12:46 p.m. Declines in major Asian markets dampened investor sentiment and weighed on the Tokyo market.
SoftBank Group, Tokyo Electron and TDK were among the top negative contributors. All are high-priced stocks, and selling in semiconductor-related names pushed the broader market lower. Meanwhile, Advantest, Recruit Holdings and Kioxia Holdings were among the top positive contributors and attracted buying.
By sector, nonferrous metals, machinery, glass and ceramics products, banks, and securities and commodity futures were at the center of the decline, while marine transportation, services, rubber products, transportation equipment and pharmaceuticals rose, producing a mixed picture. After the afternoon opening, the market continued to show little momentum on rebounds.
As of the afternoon, trading volume on the Prime Market had reached 1,100,360,000 shares, with turnover at ¥3.916 trillion, as profit-taking and position-adjustment selling spread across a broad range of stocks. The dollar was around ¥158.20, and although the yen was weakening, the market reaction was limited.