The Nikkei Stock Average rebounded in morning trade on the Tokyo Stock Exchange, ending the session at 62,218.41, up 784.22 points from the previous business day. Early trading saw selling driven by aversion to declines in US semiconductor stocks following the Federal Open Market Committee meeting, pushing the index down 384.49 points to 61,049.70 at one stage. However, it subsequently reversed course and at one point surged 1,490.65 points to 62,924.84. Advantest, which reported strong earnings the previous day, soared over 11%, while Tokyo Electron, Kioxia Holdings, TDK, and Ibiden also posted sharp gains, lifting the Nikkei average. The market also took heart from firmness overseas, with Nasdaq futures temporarily rising over 1% in after-hours trading and South Korea's composite stock price index climbing more than 5%. Hiroyuki Ueno of Sumitomo Mitsui Trust Asset Management noted that the correction phase, which saw a drop of more than 10,000 points from the all-time high around the 72,000 level, has run its course, and bargain-hunting is spreading. Meanwhile, the TOPIX ended the morning session down 0.29% at 3,962.68, with trading value on the Tokyo Stock Exchange Prime Market reaching 6.13 trillion yen.
Kioxia Holdings Corporation
IBIDEN CO., LTD.
Advantest Corp.
TE Connectivity Ltd
TDK Corporation