The Nikkei Average extended its gains sharply, closing trading on the 7th at ¥66,399.84, up ¥1,378.90 from the previous day. Buying spread after the open, with funds also flowing into commodity-sensitive sectors such as shipping and nonferrous metals.
Although the Dow traded weakly in the US market at the end of the previous week, the Nikkei Average rose from the open and extended its gains as expectations for interest-rate hikes strengthened on the back of US economic indicators. Despite the impact of lower US share prices, buying focused on high-priced stocks, particularly semiconductor-related names, while funds also flowed into sectors such as shipping and nonferrous metals following the rise in crude oil prices.
At the close, the Nikkei Average stood at ¥66,399.84, up ¥1,378.90 from the previous day. Trading volume on the TSE Prime Market was 2.02987 billion shares, and trading value was ¥8.0377 trillion.
Among individual stocks, gains were particularly notable in shipping, glass and electrical equipment, while decliners included fisheries, agriculture and forestry, pharmaceuticals and banking. The index moved up into the ¥66,600 range around the middle of the morning session and continued to trade near its highs thereafter.
With the market awaiting the CPI release, selling by investors waiting for a rebound at higher levels was also expected. The focus was on whether the index could break above the 75-day moving average in the ¥66,000 range.