The Nikkei average recovered to the ¥70,000 range for the first time in approximately 3 months in morning Tokyo trading, posting a sharp rebound. Semiconductor-related stocks were bought on developments in the U.S. market, and TOPIX also rose sharply.
The Nikkei average's morning-session close was ¥70,037.61, up ¥1,728.15 from the previous day, after recovering to the ¥70,000 range during trading. Semiconductor-related stocks were bought as the market continued to follow the trend of receding expectations for an additional rate hike in the U.S. market at the end of the previous week.
The Tokyo Stock Price Index, TOPIX, rose 47.57 points to 4,138.57. Trading volume was 978.04 million shares and trading value was ¥3.7538 trillion. By sector, electrical appliances, glass and ceramics, and machinery rose, while marine transportation, mining, and oil and coal products fell.
At 10:15 a.m., the Nikkei average had extended its gain to more than ¥1,600 from the previous business day and at one point approached ¥70,000. At the open, the Nikkei average began the morning session at ¥69,113.74, up ¥804.28 from the previous day, in a sharp rebound. Related stocks including Advantest and Tokyo Electron were bought, pushing up the Nikkei average.