In Tokyo trading on the 9th, the Nikkei Average opened lower on negative factors but returned to positive territory after the open on buying in semiconductor-related stocks. With developments in U.S. markets and upcoming economic data releases ahead, attention is focused on the market's direction.
The Nikkei Stock Average opened lower on the 9th from the previous day's close, but buying in semiconductor-related stocks pushed the index into positive territory during the 9 a.m. hour. The rise in the SOX semiconductor index in the previous day's U.S. market also carried over into Tokyo.
Although selling prevailed at the open, semiconductor-related stocks provided support for the broader market as caution spread ahead of U.S. economic data releases. Movements in long-term interest rates also tilted toward stability. The upcoming releases of the U.S. PPI and CPI are likely to affect market sentiment.
Over the longer term, views remain that higher oil prices and interest-rate trends will affect the market. By sector, securities, insurance and services stocks fell notably, while oil, nonferrous metals and machinery-related stocks were firm. Among individual stocks, LASERTEC, DISCO and Renesas Electronics rose.
The market's direction may become clearer depending on the results of next week's Federal Open Market Committee (FOMC) meeting and Bank of Japan meeting following the release of the U.S. PPI on the 10th and CPI on the 11th. The risk of higher oil prices is also being watched depending on developments in the situation in Iran.