Tokyo stocks surge for second day, Nikkei jumps 1,600 points led by semiconductor majors

The Nikkei Stock Average ended the morning session up 1,602.09 points, or 2.40%, from the prior session at 68,355.81, extending gains for a second straight session. Morning trading volume on the Prime Market came to about 1.12 billion shares, with turnover of about 3.9377 trillion yen. Advancing issues numbered 515, while declining issues totaled 992, with 42 unchanged.

In Tokyo morning trading, the Nikkei surged more than 1,600 points, driven by heavyweight semiconductor-related stocks, swiftly recovering the 68,000 level. Strong earnings results from U.S.-listed Micron Technology , which came to light in early Japan hours, served as a tailwind. Meanwhile, sectors outside semiconductors were largely weak. The TOPIX briefly moved into positive territory toward the end of the morning session but spent much of the time in negative territory. On the Prime Market, declining issues outnumbered advancing issues, accounting for more than 60% of all stocks. The Bank of Japan's Sep Tankan survey, released in the morning, showed the business conditions diffusion index (DI) for large manufacturers came to plus 24. While this fell short of market consensus of plus 25, it marked an improvement from plus 22 in the prior Jun survey.

Among individual stocks, ADVANTEST CORPORATION <6857>, Lasertec Corporation <6920>, IBIDEN CO., LTD. <4062>, SoftBank Group Corp. <9984>, Tokyo Electron Limited <8035>, and Kioxia Holdings Corporation <285A> all moved higher. TAIYO YUDEN CO., LTD. <6976> surged sharply, while Murata Manufacturing Co., Ltd. <6981> and TDK Corporation <6762> also gained. FAST RETAILING CO., LTD. <9983> traded steadily. On the downside, Tokio Marine Holdings, Inc. <8766>, CHUGAI PHARMACEUTICAL CO., LTD. <4519>, and Mitsubishi Corporation <8058> were weak. Mitsubishi UFJ Financial Group, Inc. <8306> also declined, while NIDEC CORPORATION <6594> fell sharply.

Source: MINKABU PRESS

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