The Nikkei rebounded for the first time in 5 sessions, with the morning-session close at ¥68,193.13 and estimated trading volume at approximately 1.0477 billion shares. Buying aimed at a technical rebound led the market against a backdrop of lower US equities.
US equities fell the previous day and the Dow closed lower, but the Nikkei began trading higher despite this. Buying in attractively valued stocks, including some semiconductor-related names, pushed the index higher.
The Nikkei opened the morning session up ¥164.71, supported by awareness that the market had been oversold in the short term and by buying aimed at a technical rebound. Gains were limited, however, as the SOX Index fell and the market awaited the release of the US CPI data.
Among individual stocks, Advantest, SoftBank Group, Fast Retailing, Tokyo Electron and Shin-Etsu Chemical were among the gainers, while Olympus, Terumo and Shionogi were notable decliners.
In the afternoon session, the market is expected to move sideways in the low ¥68,000s while holding on to the morning's gains. Attention is expected to focus on the release of the US consumer price index and earnings from major US financial institutions.