Weekly market developments from the afternoon of 3 October through the afternoon of 10 October. The Nikkei Average rose for the fourth consecutive week and temporarily recovered to the 70,000 level, while bank stocks fell. Fast Retailing and 川口化学工業 were reported to have raised their dividends.
The Nikkei Average recorded an in-house-calculated gain of 1.056% from the 2 October close to the 9 October close, marking its fourth consecutive weekly gain. After temporarily recovering to the 70,000 level, the Nikkei Average was pushed back. TOPIX was up approximately 0.338% on a closing-price basis.
By sector, services led the market, while banking fell 2.98% for the second consecutive week. Bank stocks were sold against the backdrop of long-term interest rate trends, and the decline across the financial sector stood out.
Among dividend increase announcements from large-cap companies, Fast Retailing said it would raise its annual dividend to ¥850, with the dividend forecast to reach ¥900 for the next fiscal year. 川口化学工業 is also expected to raise its annual dividend from ¥60 to ¥70. These dividend increases were cited as factors behind the share price reactions.
In the US market, the S&P 500 performed firmly, rising 1.150% for the week, while the Nasdaq Composite also edged higher. Technology stocks moved on reports concerning OpenAI, while TSMC's September sales were reported to have risen sharply, up 14.6% year on year. Next week, the US Consumer Price Index (CPI) and TSMC's earnings are scheduled for release.