[Nikkei Stock Average and TOPIX (Table)]

Nikkei Average: 38248.54; +143.68

TOPIX: 2637.73; +0.77

Summary of the start of the afternoon session

In the afternoon, the Nikkei Average started with an increase of 143.68 yen from the previous day at 38248.54 yen, expanding the gain from the morning session (38154.25 yen). During lunchtime, the Nikkei 225 futures traded with a strong bias within the range of 38130-38290 yen. The USD/JPY was at around 1 dollar = 152.40-50 yen, slightly stronger yen and weaker dollar levels since around 9 AM. In the Asian market, the Shanghai Composite Index has been trending in the negative territory, down about 0.6%, while the Hang Seng Index widened its losses in the morning, then slightly stabilized with a decline of about 0.6%.

The Tokyo market in the afternoon session started with a slightly bullish tone compared to the morning session. The market is finding comfort in the solid support at lower levels following a stable development after the morning dip in the Nikkei Average. However, the Nikkei Average at the 38200 yen level is facing resistance from the 75-day moving average and the 200-day line, limiting the upside potential according to some views.

In sectors, electric appliances, warehouse transportation-related, and other products are among the top gainers, while rubber products, electric and gas utilities, and marine transportation are top losers.

Among the top trading values on the TSE Prime Market are IHI <7013>, Hitachi <6501>, Advantest <6857>, 7&iHD <3382>, Lasertec <6920>, BanNamHD <7832>, Tohoku Elec <8035>, Mitsubishi Heavy <7011>, RecruitHD <6098>, and Fujikura <5803> on the rise. On the other hand, OLC <4661>, SHIFT <3697>, Tokyo Metro <9023>, Mercari <4385>, Nissan Motors <7201>, SoftBank Group <9984>, Yusen <9101>, NitoriHD <9843>, Kawasaki Kisen <9107>, and TEPCO HD <9501> are declining.