The Nikkei average rose more than ¥1,200 at one point before running out of steam in the afternoon, but still finished up ¥495 at ¥65,513 for a fourth straight session of gains. TOPIX fell for a second straight session, while moves in emerging markets were limited.
The Tokyo market opened with the Nikkei average up ¥457 at ¥65,476, and gains widened from the opening. At 9:31 a.m., the Nikkei average rose to ¥66,249, its intraday high. It then continued to trade in a high range, standing ¥864 higher at ¥65,883 heading into the morning close.
The afternoon session lacked a clear direction, and the Nikkei average ultimately closed up ¥495 at ¥65,513 for a fourth straight session of gains. TOPIX fell 15 points to 4,075 points for a second straight session, while the TSE Growth 250 Index in the emerging market fell slightly to 808 points, declining for the first time in 3 trading days.
Among individual stocks, Taiyo Yuden traded 4.7% lower at ¥8,935, Panasonic Holdings traded 5.2% higher at ¥4,508, Japan Exchange Group traded 1.7% higher at ¥2,274, and Tokai Carbon traded 7.3% higher at ¥2,283.5. Tokai Carbon was supported by reported expectations for earnings growth in its semiconductor-related business, while Japan Exchange Group was favorably received after revising its full-year outlook upward and raising its dividend policy.
The afternoon outlook was that buying strengthened, particularly in semiconductor-related stocks, but gains were capped by factors including higher interest rates. The US-China summit and remarks by the Chair of the US Federal Reserve were cited as areas of focus among the factors to watch going forward.