The Nikkei Average was reported to have temporarily recovered to the ¥70,000 range, and the market is expected to remain range-bound this week. The article also refers to expectations for continued dollar and yen weakness, developments in gold and crude oil, and factors driving gains in security-related stocks.
The outlook for the Japanese market in the third week of October is that the Nikkei Average temporarily recovered to the ¥70,000 range but will remain range-bound for some time. With US stocks, inflation indicators and long-term interest rates offering little indication of market direction, the focus is on waiting to see what happens next.
Security-related stocks attracted attention, with related names rising against a backdrop of news about cyberattacks. The SOX Index may remain in an upward trend, and the market is expected to continue assessing the Nikkei Average's upside.
USD/JPY has been moving toward yen depreciation on a weekly basis, while gold may continue its upward trend. Crude oil is expected to remain around $91, with a temporary rise anticipated under the influence of OPEC and geopolitical risks.
The Dow, Nasdaq and NASDAQ100 showed movement in US markets, while Nikkei Average CFDs were seeking a response to the 64,000 bottom level, with both signs of an upside breakout from the range and downside risks observed. In addition, Nikkei EPS/PER has reached nearly 4,000. Although rising prices are pushing up corporate profits, disparities in real income have also been noted.
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