The Nikkei Average closed down for a fourth straight day at ¥64,214.48, down ¥111.16 from the previous day. After a technical rebound in the morning, the Nikkei weakened toward the afternoon session as Korean stocks declined.
The market opened firmly in the morning on the back of gains in U.S. stocks the previous day, but the Nikkei Average subsequently turned lower and at one point fell below ¥64,000. Trading volume was approximately 2.18832 billion shares on the TSE Prime Market, while trading value was approximately ¥7.577 trillion. Trading was active, but losses widened toward the close. The Nikkei Average closed at ¥64,214.48, down ¥111.16 from the previous day, while the TOPIX edged higher at 4,102.04 points.
Among individual stocks with company-specific catalysts, Fast Retailing declined, while Advantest, Ibiden, Fujikura, TDK and Disco were among the many stocks that weakened. SoftBank Group, Lasertec and Tokyo Electron were comparatively firm, while gains in trading house stocks at times provided support for the market. The five stocks that made the largest positive contributions to the Nikkei Average were SoftBank Group, Nitori Holdings, Mitsubishi Corporation, Tokyo Electron and Lasertec, contributing approximately ¥140 in total. The five stocks making the largest negative contributions, including Fast Retailing and Advantest, detracted approximately ¥342.
By overall market sector, 20 of the 35 TSE sectors rose. The top gainers were wholesale trade, electric power and gas, marine transportation, oil and coal products, and insurance, while the biggest decliners were mining, nonferrous metals, foods, real estate and rubber products. In addition to the influence of U.S. stocks, the sharp weakening of South Korea’s KOSPI appears to have weighed on Japanese equities.