Tokyo Market Summary: Nikkei Edges Higher as Middle East Tensions Ease

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On the 27th, the Tokyo market saw the Nikkei Stock Average edge higher, as the United States and Iran halted mutual attacks and Middle East tensions eased. The closing price was 64,931.19 yen, up 320.04 yen from the previous business day. In the morning, it rose more than 600 yen at one point, but declines in artificial intelligence and semiconductor stocks weighed on the market, trimming gains. The Tokyo Stock Price Index, or TOPIX, rose 54.76 points to 4,066.07, with 90 percent of issues advancing. In the foreign exchange market, safe-haven dollar buying unwound, and the dollar-yen pair fell to the mid-163 yen range. Bond futures rebounded for the first time in five business days, and the yield on the benchmark 10-year Japanese government bond fell 0.045 percentage points to 2.770 percent. On the Tokyo Commodity Exchange, Dubai crude oil futures plunged, with the settlement price for the most active contract month falling 4,020 yen from the previous weekend to 76,820 yen. On the Osaka Exchange, gold futures rebounded sharply, tracking overnight gains in New York, with the settlement price for the most active contract month rising 348 yen to 22,078 yen.

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