The Nikkei 225 turned higher after the open and was up ¥67 as of 9:05 a.m. Against a backdrop of uncertainty over the Middle East and elevated long-term interest rates, moves in U.S. equities and rising expectations for the six-month results through September of companies with fiscal years ending in March supported the market after the open.
The Nikkei 225 was up ¥67 as of 9:05 a.m., after selling led the market at the open. Uncertainty over the outlook for the Middle East and the military confrontation between Saudi Arabia and the Houthis remained areas of concern, while persistently elevated long-term interest rates in Japan and overseas also made investors cautious in their decisions.
The rise in major indexes in yesterday's U.S. stock market supported share prices in Tokyo. The fact that crude oil futures and U.S. long-term interest rates overseas, although elevated, had for the time being settled into relatively calm trading also provided reassurance.
The Nikkei 225 had risen nearly ¥7,200 from 16 September through yesterday, prompting awareness of short-term overheating. Expectations are building for the six-month results through September of companies with fiscal years ending in March, whose announcements will get into full swing from late October.