The Nikkei Average staged a sharp rebound in the morning session, rising ¥1,728 and recovering the psychologically important ¥70,000 level for the first time in 3 months. Buying of US stocks and AI- and semiconductor-related stocks led the market higher.
In morning-session trading, the Nikkei Average rose to around ¥70,037.61, up ¥1,728.15 from the previous weekend's close, staging a sharp rebound. The TOPIX also rebounded, gaining 47.57 points, as the market recovered the ¥70,000 level.
AI-related and semiconductor-related issues were bought against a backdrop of higher US stocks, helping to push the Nikkei Average higher. It traded near the morning-session high and temporarily rose to ¥70,213.13 at 10:44, up ¥1,762.67.
Trading volume was approximately 978.04 million shares and trading value was approximately ¥3.7538 trillion. There were 837 advancers, 657 decliners and 58 unchanged issues. By sector, most sectors rose, while some shipping and oil and coal issues traded lower.
Advancers included Advantest, Tokyo Electron, TOTO and NGK, with semiconductor, electrical equipment, precision instruments, machinery and chemical issues generally firm. Decliners included Nippon Yusen, Mitsui O.S.K. Lines, Idemitsu Kosan and ENEOS.