As of shortly after 10 a.m. on the 8th, the Nikkei Stock Average was trading approximately 140 yen higher than the previous day, at around 48,090 yen. In the U.S. market on the 7th, the NY Dow continued its decline and the Nasdaq Composite Index also fell. The Japanese stock market experienced a significant rise due to high market trading, leading to a heavy upside resistance yesterday as a reaction. Profit-taking led the market initially this morning but later buying on dips pushed prices into positive territory. At 9:55 a.m., the index hit a record intraday high of 48,181.12 yen, surpassing the previous record of 48,150.04 yen set on the 7th. The yen-denominated settlement value of the Chicago Nikkei 225 futures was 48,010 yen, 70 yen higher than the Osaka Exchange's closing price on the 7th.
By industry, 30 out of 33 sectors rose while three sectors declined. Fishery and agriculture stocks like Nippon Suisan <1332.T> and Maruha Nichiro <1333.T>, as well as insurance stocks such as MS&AD <8725.T> and Tokio Marine <8766.T>, gained. Non-ferrous metal stocks including Furukawa Electric <5801.T> and Fujikura <5803.T>, along with securities commodity futures stocks like Daiwa Securities Group <8601.T> and Nomura Holdings <8604.T>, also performed well. Bank stocks such as Mitsubishi UFJ Financial Group <8306.T> and Sumitomo Mitsui Banking Corporation <8316.T>, as well as other financials like Japan Exchange Group <8697.T> and ORIX <8591.T>, remained robust. Oil and coal stocks like ENEOS Holdings <5020.T> and Cosmo Energy Holdings <5021.T>, as well as pharmaceutical stocks including Takeda Pharmaceutical <4502.T> and Daiichi Sankyo <4568.T>, were strong performers. On the other hand, rubber product stocks such as Bridgestone <5108.T>, chemical stocks like Shin-Etsu Chemical <4063.T> and Fujifilm Holdings <4901.T>, and glass and earthenware stocks such as AGC Inc <5201.T> and NGK Insulators <5333.T> saw declines.
Elsewhere, Warabe-ya Nihon <2918.T>, Sakata Seed <1377.T>, Aichi Financial Group <7389.T>, IHI Corporation <7013.T>, and Haseco Steel <5632.T> all rose. Conversely, Pal Group Holdings <2726.T>, Mikuni Corporation <5932.T>, Migalo Holdings <5535.T>, Nittetsu Mining <1515.T>, and Kasumigaseki Capital <3498.T> were among those that declined.
In the Tokyo foreign exchange market as of 10 a.m., the dollar-yen rate was trading in the low 152-yen range (compared to 150.62-64 yen on the 7th), while the euro-yen rate was in the mid-177-yen range (compared to 175.87-91 yen on the 7th).
Provided by: Wealth Advisor Co.