[Nikkei Stock Average and TOPIX (Table)]

Nikkei average; 35,939.49; -642.27

TOPIX; 2,529.97; -41.17

Summary of the start of the afternoon session

The afternoon Nikkei average started slightly lower from the morning close (35,828.54 yen) with a decrease of 642.27 yen to 35,939.49 yen. During lunchtime, the Nikkei 225 futures traded in a range of 35,610 yen to 35,790 yen. The dollar-yen exchange rate was around 140.50-60 yen, slightly stronger yen and weaker dollar levels since around 9 a.m. Asian market conditions saw Shanghai closed. The Hang Seng Index in Hong Kong started with a slight decline, then turned higher, rising significantly by around 1.4%.

The Tokyo market in the afternoon saw a slightly bullish start compared to the morning close. With the Nikkei average having dropped more than 250 yen from the previous week's end, buyers are more likely to step in at lower levels, considering the view that the current decline may be excessive. However, this week is scheduled to include the Federal Open Market Committee (FOMC) meeting in the U.S. and the Bank of Japan's monetary policy decision, so some investors are cautious and refraining from active buying until the outcome of these events is clear.

In terms of sectors, insurance, banking, and securities and commodity futures are among the top decliners, while marine transportation, fisheries & forestry, and air transportation are among the top gainers.

In the top turnover on the Tokyo Stock Exchange Prime Market, Toshiba Electronic <8035>, TDK <6762>, Advantest <6857>, Renesas <6723>, Disco <6146>, Lasertec <6920>, Tokio Marine Holdings <8766>, Sony Group <6758>, Murata Manufacturing <6981>, and Sosei Nex <6526> declined. On the other hand, Nippon Yusen <9101>, Fujitsu <6702>, Aeon <8267>, Mitsubishi Heavy Industries <7011>, Kawasaki Kisen <9107>, Mercari <4385>, Mitsui OSK Lines <9104>, Fast Retailing <9983>, Nitori Holdings <9843>, and KDDI Corporation <9433> are on the rise.