The Nikkei Stock Average briefly recovered to the ¥70,000 range for the first time in approximately 3 months, while AI- and semiconductor-related stocks attracted buying. Developments in the U.S. market and oil-related factors were cited as the background.
The Nikkei rose sharply at the start of the week, briefly recovering to the ¥70,000 range during trading. Gains expanded from shortly after the opening, and the index briefly moved above ¥70,000.
In the U.S. market on the 2nd, shares of major semiconductor company Nvidia moved to renew their record high, prompting buying in AI- and semiconductor-related stocks in the Japanese market as well. According to market participants, the decline in crude oil prices following the decision to release oil reserves, together with the employment report, eased expectations for an early rate hike and provided a tailwind.
Some observers have pointed to the possibility that the sustained buying momentum could spread to the Japanese market, but the outlook is considered dependent on policy developments in various countries and corporate earnings trends.