The Nikkei average extended its gains in Tokyo trading on the morning of the 14th, at one point rising into the ¥69,500 range. Buying led by semiconductor-related stocks got underway against a backdrop of higher U.S. stocks.
The Nikkei average started the morning session on the 14th higher, rising about ¥1,200 from the previous day to move into the ¥69,500 range. It briefly exceeded ¥69,000 during the day, with some market participants attributing the rise in investors’ risk appetite to higher U.S. stocks.
The U.S. Producer Price Index (PPI) for July, released on the 13th, came in below market expectations, easing inflation concerns following the recent U.S. Consumer Price Index (CPI). Expectations for an early rate hike by the Federal Reserve receded as a result, while lower U.S. interest rates supported equity markets.
Semiconductor-related stocks led the market. SanDisk presented a bullish outlook, and Kioxia, which jointly develops products with SanDisk, opened sharply higher in Tokyo. Advantest renewed its high after factoring in its stock split.
Among individual stocks, SoftBank Group, Tokyo Electron and Nintendo held near their highs. Recruit, Mitsubishi Corporation and Fujikura, on the other hand, declined. Movements in semiconductor- and AI-related stocks supported the rise in the major indexes.