The Nikkei average rose sharply immediately after the open, briefly recovering to the 70,000 range for the first time in three months. The move was attributed to strong performance by AI and semiconductor-related stocks, developments in the US market and stability in crude oil prices.
The Nikkei average rose sharply at the start of the week, briefly recovering to the 70,000 range during trading for the first time in three months. The intraday gain reportedly exceeded ¥1,700 at one point.
The move was attributed to buying in AI and semiconductor-related stocks in the Tokyo market, following the rise in NVIDIA's share price in the US market on the 2nd, when the major semiconductor maker set a new record high.
Market participants said the easing of expectations for an early rate hike in the US, following the G7's decision to release strategic petroleum reserves, the decline in crude oil prices and employment statistics that came in below market expectations, provided a tailwind.
For investors monitoring the impact on corporate earnings and economic trends, this is a phase in which the performance of AI and semiconductor-related stocks is being watched in conjunction with developments in overseas markets.