In the Tokyo market on 24 September, the Nikkei Average ended trading at ¥65,513.99, up ¥495 from the previous day. Semiconductor stocks provided support at times, but gains were capped by rising interest rates, higher oil prices and inflation concerns, leaving the index effectively near the low at the close.
The Nikkei Average rose to ¥66,249.11 at the morning opening and briefly recovered to the ¥66,000 level during trading, but ultimately finished higher on the day. The morning advance was driven by early buying following gains in US semiconductor stocks. Another factor behind the morning rise was the settlement price of Nikkei 225 futures in Chicago, which provided a buying incentive.
In the afternoon, however, rising interest rates, higher oil prices and inflation concerns weighed on the market. Moves outside semiconductor stocks were lacklustre, and the index gradually declined toward the close. In effect, the market finished near the low, with the index's advance limited to the stocks that provided support.
By sector, 16 of the 33 sectors rose and 17 fell, leaving the market evenly divided. Some stocks in non-ferrous metals, electric appliances, information and communications, and other sectors attracted buying, while services and electric power and gas stocks declined.
Among individual stocks, semiconductor-related shares led the market. Advantest rose ¥1,400 from the previous day to ¥33,450, while Tokyo Electron gained ¥970 to ¥54,080, both posting sharp gains. The market lacked breadth overall, and views emerged that the period of heightened adjustment pressure would continue.