Chip selling weighs on the Nikkei
Tokyo’s benchmarks diverged on October 13: the Nikkei fell for a fourth session, while TOPIX extended its advance. According to NQN, published by Nomura Securities, reported progress in new-product development at Chinese memory maker CXMT raised concerns about competition and weighed on U.S. chip shares the previous day. Kioxia, SoftBank Group and Advantest also fell in Tokyo. The reassessment of growth expectations hit the Nikkei particularly hard because of its exposure to semiconductor and AI-related stocks.
An early selloff gives way to a partial recovery
Our chart shows the Nikkei dropping sharply just after the open, then searching for a floor through the later morning in Japan time. Fisco’s 8:43 a.m. report provides a concrete backdrop to the early move exceeding roughly 0.5%: U.S. chip losses and weaker Chicago futures were already known before trading began. Tokyo’s opening repriced that overseas news. Once morning selling eased, the index attempted a recovery after the lunch break and narrowed its losses toward the close. It never returned to its previous closing level, indicating limited appetite to buy back chip shares.
Banks and trading houses provide support
NQN reported buying in banks, trading houses and oil-related shares. TOPIX’s afternoon recovery is best understood as buying spreading beyond semiconductors. Middle East attacks intensified concerns about oil supply: higher fuel costs burden Japanese businesses while benefiting oil-related companies. USD/JPY softened in the latter part of its 24-hour chart, but its horizontal axis differs from the equity charts, so this should not be presented as a simultaneous sharp reaction to the morning stock decline. The day showed clear industry selection away from semiconductors rather than indiscriminate selling across the market.
Closing data
Nomura Securities / NQN, October 13 closing report.
Major Index Closes
- Nikkei 22567,777.52 −1.82%
- TOPIX4,110.67 +0.14%
