The Nikkei Average rose ¥530 at the open, after which gains eased somewhat. Buying led the Tokyo market as investors assessed developments in U.S. markets and upcoming Bank of Japan events.
The Nikkei Stock Average rose sharply by ¥530 from the previous day at the open of today's Tokyo market. In the U.S. equity market, the Dow fell sharply, while the Nasdaq Composite edged lower, with semiconductor-related and other stocks providing support for the market. This prompted buying in AI-related and semiconductor stocks.
In overseas markets, crude oil futures stabilized, while the yen weakened and the dollar strengthened, with the exchange rate moving to the ¥155.90-per-dollar range. Market sentiment grew that this would support the earnings of domestic exporters.
At the same time, overseas long-term interest rates strengthened following the Federal Reserve's rate hike decision, making market sentiment more cautious. Although the FOMC has passed, the Bank of Japan's monetary policy meeting and the press conference by Governor Ueda (植田) are scheduled for tomorrow, and there is also a mood of holding back from aggressive buying.