Tokyo stocks rebounded sharply at the start of the week, with the Nikkei 225 temporarily recovering to ¥70,000. Following gains in US stocks, buying focused on technology shares, and moves in AI-related stocks lifted the market.
The Nikkei 225 rebounded sharply at the start of the week, gaining more than ¥1,700 at one point and recovering to ¥70,000. Gains in US stocks the previous Friday spread to the Tokyo market, attracting buying in technology shares.
As of 10 a.m., the Nikkei stood at ¥69,838.60, up ¥1,529.14 from the previous Friday, while the TOPIX was up 39.20 points at 4,130.20.
The US jobs report came in below market expectations, reducing expectations for a Federal Reserve rate hike and providing a broad-based buying catalyst, which supported gains in semiconductor-related shares, including AI-related stocks.
Buying in shares such as Advantest, a major semiconductor testing equipment maker, supported the market as investors anticipated resilient demand for AI applications.