The Nikkei Average opened lower for the first time in 3 days. Selling predominated against the backdrop of a reaction to the previous day’s sharp rise and a stronger yen.
In the Japanese stock market on the 2nd, the Nikkei Average opened down ¥643.26 from the previous day at ¥68,313.46, declining for the first time in 3 days. Selling predominated as investors focused on the reaction to a combined rise of approximately ¥3,500 over the previous 2 sessions on a closing-price basis and the move toward a stronger yen. In the US stock market on the 1st, the Dow posted a modest rebound, the Nasdaq extended its gains slightly, and the SOX also rose.
The yen-denominated settlement price for Chicago Nikkei Average futures was ¥68,520, down ¥490 from the previous day. In the Tokyo foreign exchange market, the dollar was trading in the upper ¥157s and the euro in the mid-¥177s. These movements are believed to have influenced the Nikkei Average’s opening.