Tokyo stocks rebounded in the morning session, with the Nikkei up about ¥589 from the previous day. Buying returned to some AI- and semiconductor-related stocks, while the rebound in SoftBank Group supported the market. The TOPIX edged lower, while rising crude oil prices and higher Japanese and U.S. interest rates weighed on investor sentiment.
In the morning session on the Tokyo Stock Exchange, the Nikkei Stock Average rebounded, rising ¥589.37 from the previous day to close at ¥64,082.36. The market opened sharply lower from the previous day’s close, but high-priced AI- and semiconductor-related stocks saw buying return after selling had run its course, and the Nikkei recovered.
The TOPIX, meanwhile, fell 1.15 points to 4,057.06, edging lower. Trading volume was 815.11 million shares, with turnover of ¥3.5593 trillion. By sector, information and communications, pharmaceuticals, and electrical equipment rose, while banks, oil and coal products, and insurers fell.
As of 10:10 a.m., the Nikkei had reversed higher after opening lower in the morning and was up more than ¥300 at one point. SoftBank Group, which had fallen 10% the previous day, rebounded, and buying returned to some semiconductor stocks. The decline in the U.S. Philadelphia Semiconductor Index remains a concern, but there is also speculation that it has already been largely priced into the Tokyo market.
Following the decline in U.S. stocks, the Nikkei began trading at ¥63,190.37, down ¥302.62 from the previous day. High-priced AI- and semiconductor-related stocks were reportedly being sold.