[Nikkei Stock Average and TOPIX (Table)]

Nikkei average; 37962.36; +238.45.

TOPIX; 2656.87; +14.52.

Summary of the start of the afternoon session

In the afternoon, the Nikkei average started slightly higher at 37,962.36 yen, up 238.45 yen from the previous day's close (37,974.98 yen), with a slightly reduced gain. During lunchtime, the Nikkei 225 futures traded in the range of 37,720-37,820 yen. The dollar-yen exchange rate has been around 1 dollar = 143.60-70 yen since around 9 a.m., with the yen slightly weaker and the dollar stronger. In the Asian market, while the Shanghai Composite Index is rising by about 1.9% in positive territory, the Hang Seng Index in Hong Kong started rising and expanded its gains by about 2.9%. In the later session of the Tokyo market, selling pressure was slightly ahead of buying compared to the previous close. The Nikkei average, which had risen more than 1500 yen in the three-day rally until the end of last week, is perceived to be overheated in the short term, making selling easier. On the other hand, the stability of the yen exchange rate seems to be providing a sense of security in the stock market.

In the sectors, the top gainers in terms of rate are the electrical and gas industry, precision instruments, and marine transportation; while the top losers are air transportation, land transportation, and services industry. In the trading value rankings of the Tokyo Stock Exchange main board, Sakura <3778>, Hitachi <6501>, IHI <7013>, TDK <6762>, Mitsubishi Heavy Industries <7011>, Fujikura <5803>, Sony Group <6758>, Nidec Corporation Sponsored ADR <6594>, Tokio Marine Holdings <8766>, and HOYA <7741> are performing well. On the other hand, Renesas <6723>, Daiichi Sankyo <4568>, Nitori Holdings <9843>, Mercari <4385>, Sosei Group <6526>, OLC <4661>, Disco <6146>, Laser Tech <6920>, Screen Holdings <7735>, and Higashimaru Electric <8035> are declining.