The Nikkei Average extended its gains in Tokyo trading at the start of the week, briefly rising more than ¥600 and recovering to ¥67,000. Buying led the market in the morning, supported by gains in U.S. stocks at the end of the previous week, and widened the early advance.
In Tokyo trading on the morning of Monday the 28th, the Nikkei Average rose ¥293.53 from the previous day to ¥66,657.73, at one point gaining more than ¥600. The Tokyo Stock Price Index (TOPIX) was also up 17.98 points at 4,146.57. The gains in U.S. stocks spread to the Tokyo market, with buying led by semiconductor-related stocks.
Buying led the market after the open, although profit-taking selling at times narrowed the advance. It was also the final day for shareholders of companies with March year-ends to qualify to receive their interim dividends, and buying aimed at securing those rights was thought to have influenced the market.
The buying trend prompted by movements in the U.S. market spread to Japan, with gains in high-priced semiconductor-related stocks in particular helping to support the market. Intraday trading reflected a mix of buying following the gains in U.S. stocks at the end of the previous week and buying related to securing dividend rights.