Tokyo stocks remained range-bound amid a lack of fresh market catalysts. With the U.S. market closed on the 7th, short covering and selling ran their course, leaving trading sluggish in the afternoon session.
As of 13:56, the Nikkei average was moving within a narrow range in the lower ¥66,000s, with the lack of fresh market catalysts and the U.S. market holiday cited as factors. Domestic securities market participants believe trading will remain sluggish after short covering and profit-taking have run their course.
The Nikkei average opened the afternoon session at ¥66,169.77, up ¥1,148.83 from the previous day, but profit-taking and selling by investors waiting for a rebound emerged amid concerns that semiconductor-related stocks had become overheated, limiting gains across the market.
The morning session closed at ¥66,460.11, up ¥1,439.17 from the previous day, marking a sharp consecutive advance. The Tokyo Stock Price Index (TOPIX) stood at 4,128.53 points, trading volume was 961.5 million shares, and trading value was ¥3.9584 trillion. By sector, marine transportation, nonferrous metals, and glass and ceramics products rose, while services and banks declined.
The Standard TOP20 continued to advance, while the Growth Market moved between slight declines and slight gains. The market as a whole is expected to remain in a wait-and-see mode for fresh catalysts. Movement in the Nikkei average was limited, and the market's future direction is seen as dependent on developments in the U.S. market.