The Nikkei Average fell for a third straight session. While significant price movements were limited, it closed in negative territory toward the end of the session. Market sentiment was affected by declines in US semiconductor stocks and caution over rising long-term interest rates.
The Nikkei Stock Average closed at ¥63,484.10, down ¥8.89, or 0.01%, from the previous day. The TOPIX stood at 4,037.16, down 21.05 points from the previous day. Trading volume was approximately 1.88588 billion shares, while trading value was approximately ¥7.4384 trillion. Among individual stocks, Kioxia Holdings, which led the market in trading value, was among those that moved.
The market opened more than 400 points lower, but buying on dips brought it back toward the high end of the range by the morning close. In the afternoon, however, limited upside once again became apparent, and the market ended in negative territory amid a market tone of three consecutive days of declines. Selling prompted by rising long-term interest rates spread across the market, while a wait-and-see mood strengthened ahead of the FOMC decision this week and the Bank of Japan's monetary policy meeting.
By sector and individual stock, there were periods when advancing stocks outnumbered declining stocks. Overall, however, there were many occasions when individual stocks gaining outnumbered those falling, while the broader market remained unstable. For readers seeking to assess the impact of monetary policy decisions by the Bank of Japan and the United States, the outlook was for continued close attention to developments ahead and to price movements in individual stocks.
The impact of the leading contributors to the Nikkei Average was also limited, and overall the market took on the appearance of a strengthening risk-averse stance.