The Nikkei extended its winning streak to 4 days, although bank stocks were weak. INPEX and oil-related stocks fell as lower WTI prices prompted selling, while Honda announced a $2.5 billion investment to build an HV plant in Ohio, US.
Despite the decline in US stocks on the 23rd, the Nikkei opened higher than the previous day's close and remained in positive territory throughout the session. It closed at ¥65,513, maintaining its 4-day winning streak. AI-related stocks attracted buying after the Nasdaq reached a record high, but the momentum subsequently faded, ultimately narrowing the gain.
Trading value on the Tokyo Stock Exchange's Prime Market was estimated at approximately ¥9.2 trillion. By sector, stocks including rubber products, precision instruments and electrical equipment saw activity, while financial stocks weakened. The Nikkei's gains were substantial at one point, but narrowed toward the afternoon session, and the TOPIX closed at its intraday low.
INPEX and oil-related stocks came under selling pressure as WTI prices fell, providing a selling catalyst for the broader market. Meanwhile, Honda announced plans to build an HV plant in Ohio and indicated that it intends to invest $2.5 billion. Some market participants viewed expectations of a Bank of Japan rate hike as having run their course as a market catalyst, and there was a general view that overheating among market catalysts was beginning to subside.