The Nikkei Stock Average opened higher than the previous day. Buying prevailed against a backdrop of declining US long-term interest rates, while gains in some export-related stocks were capped by the stronger yen.
The Nikkei Stock Average opened ¥284.46 higher than the previous day at ¥64,498.94 on the 4th. The decline in long-term interest rates after concerns about further rate hikes receded, following a speech by Federal Reserve Governor Waller in US markets on the 3rd local time, was cited as a factor. The Dow Jones Industrial Average and Nasdaq Composite both extended their gains, and buying is prevailing in the Nikkei as well. Tokyo markets also saw some buying on the rebound. The yen-denominated settlement price for Chicago Nikkei 225 futures was ¥64,560, up ¥330 from the previous day.
At the same time, the yen has continued to strengthen, and gains in some export-related stocks were capped at times. As of 9:02 a.m., the dollar was in the mid-¥155 range and the euro in the upper-¥182 range, with both currencies moving in favor of a stronger yen. Foreign-exchange movements are weighing on the market.