The Nikkei Average was up 576 points at the opening, then held firm as buying remained in the lead. Movements in U.S. stocks and foreign exchange trends provided the backdrop, while support from AI and semiconductor-related stocks was also cited.
The Nikkei Average was up 576 points at the opening, with buying leading the Tokyo market. Overseas, the Dow edged lower while the Nasdaq rose, and movements in U.S. stocks provided a buying incentive for the Japanese market.
In foreign exchange markets, the yen weakened and the dollar strengthened to around ¥158.20 per dollar. Some said this could boost earnings at Japanese exporters. Others said rising U.S. long-term yields weighed on the stock market.
The Nikkei Average was being watched with the 25-day moving-average line in the 65,400 range as an upper resistance level as of the 18th, prompting speculation that near-term upside would be limited. Reports said the index was holding firm after the open.
The U.S.-China leaders' meeting was scheduled for the early hours of tomorrow, and some investors held back from aggressive buying while they waited to assess its implications. Buying nevertheless prevailed at the open.