Tokyo stocks turned negative as selling in technology shares weighed on the market. The Nikkei Stock Average temporarily fell by more than ¥600, after opening with a modest rebound.
As of 10:07 a.m., the Nikkei Stock Average had turned negative, with its decline temporarily exceeding ¥600 from the previous day. A correction in technology-related stocks created downward pressure, with SoftBank Group and Advantest together pushing the index down by around ¥600. Market participants said they expected the correction in technology shares to continue.
Meanwhile, more than half of the stocks on the Prime Market rose, and the Tokyo Stock Price Index (TOPIX) advanced. Market participants said buying was particularly evident in stocks that had reported strong earnings.
At the open, the Nikkei Stock Average started with a modest rebound at ¥65,746.13, up ¥62.87 from the previous day, while some semiconductor-related stocks attracted buying.