The Nikkei Average rose sharply at the start of the week, with its gain exceeding ¥1,600 at one point. Developments in the US market and crude oil prices are believed to have contributed to the spread of buying in AI and semiconductor-related stocks.
The Nikkei Average rose from shortly after the start of trading at the beginning of the week, widening its gains thereafter. The Nikkei's move was substantial, and investors entered a phase of increasingly broad-based buying.
NVIDIA, a major US semiconductor company, reached a record high at one point in the US market, and buying in technology stocks spilled over into Japan. Reports indicated that buying in AI and semiconductor-related stocks continued.
According to market sources, the decline in crude oil prices following the G7's decision to release oil reserves, together with employment data that came in below market expectations, eased expectations for an early US rate hike and was cited as a catalyst for buying.