The Nikkei Average traded around ¥20 below the previous day's level during the morning session on the 3rd. Buying led the market in the morning on the rebound in U.S. stocks, but selling by investors waiting for a rebound capped gains and sent the index lower.
The Nikkei Average traded around ¥20 below the previous day's level during the morning session on the 3rd in the Tokyo stock market. Buying led the market in the morning against the backdrop of a rebound in U.S. stocks, but concerns over rising long-term interest rates persisted, and the index turned lower during the morning.
By sector, 12 of the 33 sectors declined, while 21 advanced. Mining, nonferrous metals, fishery, agriculture and forestry, foods, precision instruments, and glass and ceramics stocks were weak. Oil and coal products and other financial stocks, meanwhile, remained firm and at high levels.
In the foreign exchange market, as of 10:07 a.m., the dollar was trading in the upper ¥158 range and the euro in the upper ¥183 range. The Nikkei Average also showed signs of being affected by expectations of yen appreciation.
Among the constituent stocks covered in reports that day, oil stocks including Idemitsu Kosan and ENEOS rose, while some steel materials, machinery, and retail stocks were weak. Across the market, selling by investors waiting for a rebound prevailed, and buying may have been limited.