The Nikkei 225 rebounded, closing at ¥66,405.56, up ¥273.58 from the previous day. AI and semiconductor-related stocks were bought on the back of gains in U.S. stocks, although the advance narrowed ahead of the Jackson Hole meeting.
Japanese stocks were bought following gains in major U.S. indexes, including the Dow, on the 27th, with artificial intelligence and semiconductor-related names leading the advance. The Nikkei 225 also saw its gain narrow after buying momentum subsided.
The Nikkei 225 widened its gain at times toward the end of the session, rising more than ¥700 at its high. However, investors also sold to adjust their positions ahead of the speech by the Federal Reserve chair at the Jackson Hole meeting.
The index came under pressure after Kioxia formally announced plans to build a new semiconductor memory manufacturing facility in Iwate Prefecture. The Tokyo Stock Price Index (TOPIX) rose for a seventh consecutive session, while trading value on the TSE Prime Market was approximately ¥8.1223 trillion, with 873 advancers and 631 decliners.
According to Nikkei QUICK News (NQN), Recruit at times renewed its high after a stock split, while related names including Advantest, TDK and Taiyo Yuden were also bought. The closing price was higher than the previous day, marking a rebound for the Nikkei 225.