The Nikkei Average fell back to close ¥93.63 lower than the previous day at ¥66,311.93, but recovered from its sharp morning decline and ultimately ended only modestly lower.
In the Tokyo market, the Nikkei Stock Average closed ¥93.63 lower than the previous day at ¥66,311.93, while the TOPIX extended its advance to an eighth consecutive session. Selling led by semiconductor-related stocks and driven by risk aversion dominated early trading, but the market subsequently strengthened its recovery. The impact of the rise in long-term U.S. Treasury yields on the market was considered limited, and the market as a whole ended in negative territory.
The market tested lower levels at the open under the lead of futures, but buying returned in the afternoon, limiting any further decline. The session ultimately ended just over 0.1% lower. In line with moves in U.S. markets, the sharp decline in the SOX Index and weakness among semiconductor-related stocks weighed on the market at times, but the decline remained limited. The rise in domestic long-term interest rates also had a limited impact on the market as a whole.
Among individual stocks with company-specific catalysts, gainers were numerous. Fast Retailing, Kioxia and Recruit ranked among the stocks making the largest positive contributions to the Nikkei Average and generally helped lift the market as a whole. Advantest and others declined, while the number of advancers on the Tokyo Stock Exchange Prime Market exceeded the number of decliners. Trading volume on the TSE Prime Market was 2.67487 billion shares, with 881 advancers and 634 decliners.