Tokyo stocks opened on the 10th with the Nikkei Average falling for a 3rd consecutive day, starting ¥374 below the previous close. Against the backdrop of declines in U.S. markets and movements in the yen, some semiconductor stocks remained firm.
The Nikkei Average opened lower for a 3rd consecutive day in Tokyo trading on the 10th, starting ¥374 below the previous close. Selling led the market at the opening, which was below the previous close, but buying emerged in some semiconductor stocks, limiting the decline.
All 3 major U.S. stock indexes fell in the previous session, while rising crude oil futures also heightened investor caution. The yen-denominated settlement value of Chicago Nikkei futures was about ¥968 below the previous close before the opening, putting selling pressure driven by futures in focus.
In the foreign exchange market, the dollar-yen rate traded in the mid-¥153 range. A move toward a weaker yen could support export-related stocks, but overall levels changed little and were not enough to lift the broader market. Semiconductor stocks showed firm performance at times, helping support the index.
The Bank of Japan is scheduled to release the corporate goods price index for August on the 10th. The focus will be on how movements in crude oil futures are reflected in corporate prices. Depending on the performance of semiconductor stocks, the market's direction after 3 consecutive declines could be affected.