The Nikkei average closed at ¥66,405 on the 28th in Tokyo, up ¥273 from the previous day, as it was supported by gains in U.S. stocks and moves in SaaS-related shares. Trading value, however, remained low, and a wait-and-see mood spread ahead of comments from the Federal Reserve.
The Nikkei Stock Average closed at ¥66,405 on the 28th, up ¥273 from the previous day. After edging lower shortly after the open, the index quickly reversed course and rose, with the day's trading influenced by gains in U.S. stocks. The Nikkei was buoyed by buying in domestic related stocks following strong earnings from U.S. software companies and the resulting rise in their share prices. Overall trading value remained subdued, however, and investors were cautious ahead of the Federal Reserve chair's speech scheduled for the evening of the 28th.
A comeback in growth stocks, including SaaS-related shares, emerged as a market theme, and lagging stocks were sought even amid light trading. While technology stocks supported the market against a backdrop of strength in U.S. markets, the Nikkei average's ability to continue rising is seen as dependent on future catalysts.