Chip selling weighs on the Nikkei, but the broader market holds up
The Nikkei finished October 9 just 11.19 points lower, its third consecutive decline, while TOPIX rebounded. IwaiCosmo Securities reported that the U.S. SOX semiconductor index had fallen more than 3% the previous day, triggering early selling in Japanese chip stocks. The Nikkei lost almost 900 points shortly after the open before recovering as selling eased. Concerns about U.S. technology shares hit stocks with large index weights, creating a gap between the Nikkei and the broader market.
Fisco’s morning report likewise described heavyweight stocks pulling the Nikkei down while TOPIX remained positive. SoftBank Group, Kioxia and optical-related shares weighed, and Fast Retailing fell after its earnings release. In contrast, buyers favored companies such as Rorze, which raised its earnings outlook and dividend.
The afternoon recovery persists, but the Nikkei falls just short
The session charts show the Nikkei rebounding by more than roughly 0.5% from its morning low and maintaining an upward trend in the afternoon. TOPIX also made higher afternoon highs, suggesting that early selling had not become a market-wide retreat. Buying in companies with favorable earnings, insurers and software stocks appears to have absorbed the pressure from chips. The Nikkei briefly moved into positive territory but ended just below its previous close.
On the Prime market, 1,194 stocks advanced and 331 declined. That breadth was stronger than the headline about another Nikkei decline suggests. USD/JPY recovered from an earlier dip, but the equity rebound is best read as sustained buying based on company earnings, alongside currency moves.
Major Index Closes
- Nikkei 22569,030.92 −0.02%
- TOPIX4,104.81 +0.33%
