The Nikkei 225 continued to fall in morning trading on 1 September, closing the morning at ¥66,050.33, down ¥261.60 from the previous day. As long-term interest rates rose to levels seen roughly 30 years ago, higher oil prices weighed on the market, while TOPIX ended the morning up 21.56 points at 4,177.85.
In morning trading on 1 September, the Tokyo stock market's Nikkei 225 continued to decline from the previous day and moved within a range near its closing level. It briefly fell more than ¥700, but subsequently pared its losses as investors bought back relatively undervalued stocks, recovering to around the previous day's close. TOPIX, meanwhile, extended its advance, indicating underlying resilience across the market.
Rising long-term interest rates weighed on the market, with growing concern that higher funding costs would weigh on companies' earnings outlooks. Higher oil prices, driven by the situation in the Middle East, also acted to curb risk appetite.
Actual-investment demand believed to reflect portfolio rebalancing at the start of the month supported TOPIX, while buying interest was particularly strong in value stocks such as steelmakers and electric power companies. Among individual stocks, Nippon Steel and Tokyo Electric Power Company Holdings showed firm price movements as semiconductor-related stocks traded unevenly.
Trading value on the TSE Prime Market in the morning reached ¥3.579562 trillion. By sector among the TSE's 33 industries, marine transportation, mining and insurance gained, while other products and pharmaceuticals declined.