The Nikkei Average rebounded sharply on an automatic rebound from last week’s steep decline. It closed at ¥58,775, up ¥1,340 from the previous day.
The Tokyo market opened with the Nikkei Average rebounding at ¥57,960. The rise in the U.S. semiconductor index SOX and buying on an automatic rebound supported an upward trend during the morning session. The Nikkei was up ¥1,976 at ¥59,411 at the morning close. Although gains stalled in the afternoon, the Nikkei ultimately ended trading up ¥1,340 at ¥58,775. The TOPIX rose 110 points to 3,818, while the TSE Growth Market 250 Index rose 14 points to 723, marking its first rebound in 7 trading days.
Among individual stocks, Mitsubishi Heavy Industries rose 5.2% to ¥3,063 after announcing an upward revision to its interim forecast and a share buyback, which prompted buying. Mitsui Chemicals, meanwhile, fell to a new year-to-date low, while its announcement of the acquisition of JSR and an additional financing announcement triggered caution-driven selling. MinebeaMitsumi rebounded after announcing a forecast for record-high profit, while Unicharm rebounded on the strength of its core business and uncertainty surrounding AI and semiconductors. Axelspace attracted buying after being selected for JAXA’s Space Strategy Fund, with support of up to approximately ¥4 billion expected.
VIEW POINT is expected to focus on earnings announcements from Ajinomoto, JX Advanced Metals, Mitsubishi Estate and SoftBank, among others, ahead of tomorrow. The market rebounded automatically after last week’s sharp decline, but some view uncertainty surrounding AI- and semiconductor-related stocks as likely to persist.