The Nikkei 225 rebounded sharply in Tokyo trading at the start of the week, recovering to 70,000 for the first time in 3 months. Buying flowed into technology stocks against the backdrop of gains in U.S. stocks, lifting the market through AI-related issues.
The Nikkei 225 rebounded sharply in Tokyo trading at the start of the week, with its gain briefly exceeding ¥1,700. It was well above the previous weekend's closing level near the opening price, recovering to 70,000 for the first time in about 3 months. As of 10:00 a.m., it stood at ¥69,838.60, up ¥1,529.14.
One factor driving the market higher was the spread of gains in U.S. stocks from the previous weekend to the Tokyo market. Views spread that U.S. technology stocks had been bought after the employment report came in below market expectations and expectations for Federal Reserve rate hikes receded.
In the Tokyo market as well, AI-related and semiconductor-related issues rose against a backdrop of high stock prices. Advantest, a major semiconductor testing equipment maker, in particular provided momentum for the market and highlighted the resilience of demand for AI semiconductors.
As a result of this move, the Nikkei 225 recovered to the 70,000 range for the first time in about 3 months. TOPIX rebounded, up 39.20 points at 4,130.20. Although trading had not yet ended, views were spreading that a technical rebound had strengthened in some areas.