Tokyo stocks retreated on the 28th as selling pressure hit major AI and semiconductor issues, pushing the Nikkei benchmark back below the 60,000 psychological threshold.

The Nikkei 225 closed at 59,917.46, falling 619.90 yen and snapping a three-session winning streak. Prime Market volume reached approximately 2.68 billion shares, with turnover valued at 9.48 trillion yen. Despite the index's decline, market breadth was overwhelmingly positive, with 1,288 advancing issues against 249 decliners.

The market saw a sharp correction following the Nikkei’s recent rally. Losses deepened in the afternoon session, accelerated by futures selling. While the Bank of Japan maintained its policy status quo as expected, news that three board members dissented in favor of a rate hike stoked speculation of earlier tightening. Furthermore, the BOJ’s "Outlook Report" revised consumer price forecasts upward, adding to the hawkish sentiment. Notably, while the Nikkei slumped, the broader TOPIX gained 1%, with advancing stocks accounting for 82% of the Prime Market.

Among individual stocks, Kioxia <285A> was the day's most traded issue and maintained strong buying throughout. DISCO <6146> and Keyence <6861> moved higher, while Furukawa Electric <5801> staged a late-session recovery. Megabanks, led by Mitsubishi UFJ <8306>, and Fast Retailing <9983> also posted gains. Mitsui Kinzoku <5706> rose sharply. T.RAD <7236>, Takaoka Toko <6617>, and KINDEN <1944> all hit their daily limit-up, supported by surges in Kandenko <1942>, Aichi Steel <5482>, and Toyoda Gosei <7282>.

On the downside, chip-testing giant Advantest <6857> and SoftBank Group <9984> tumbled. Lasertec <6920> and Tokyo Electron <8035> faced heavy selling, while FANUC <6954> and Komatsu <6301> also lost ground. Other notable laggards included Renesas <6723>, Murata Manufacturing <6981>, GMO Internet <4784>, and Nitto Denko <6988>.

Source: MINKABU PRESS

*Translated by generative AI. Click here for the original article.