Nikkei average rises by 900 yen, high-tech stocks rise as US interest rates pause – Semiconductors soar – Bloomberg

On the 24th, the Tokyo stock market rose for the third day in a row, with the Nikkei Stock Average increasing by more than 900 yen.The rise in US interest rates due to concerns about inflation has come to a halt, and US electric vehicle (EV) manufacturers’ Tesla and semiconductor manufacturers Investor sentiment improved as Texas Instruments (TI) was bought in after-hours trading after the company announced its financial results.

Export sectors such as electrical equipment, precision equipment, machinery, and automobiles all rose.Preliminary net income for wholesale stocks, including trading companies, exceeded previous plans Construction stocks such as Shimizu Corporation are also high. Market participants’ attention has been focused on the announcement of corporate financial results in Japan and the United States.

Of the 2,146 stocks that make up TOPIX, 1,485 rose and 568 fell. Among the top stocks in trading value, semiconductor-related stocks such as Tokyo Electron, Disco, Socionext, and Shin-Etsu Chemical rose sharply across the board, while Renesas Electronics rose more than 10%.Large holdings of British investment funds revealed Most of the Nikon and system failures have been recovered. HOYA led the rise in precision equipment stocks.

On the other hand, it was discovered that a subsidiary had falsified measurement data for marine engines. IHI plunges in afternoon trading and will issue convertible bonds (CB) with stock acquisition rights in overseas markets Resonac Holdings is also cheap due to concerns about dilution.

In the US bond market on the 23rd, government bonds with short maturities such as two-year bonds rose (interest rates fell). Although Tesla’s adjusted earnings per share for the January-March period were lower than market expectations, the company said it expects to bring in cheaper models ahead of schedule and to reverse the buildup of inventory. TI gave a bullish sales outlook for the April-June period.

Views of market participants

Yukino Yamada, Head of Investment Information Department, Daiwa Securities

• Yesterday’s rise in US high-tech stocks and Germany’s SAP In response to the strong performance of the cloud sector in the financial results, investors who had previously reduced their holdings in Japanese stocks due to adjustments may be starting to buy back stocks.
• Semiconductor’s financial results are good compared to other sectors, and shipments are on a recovery trend, so the medium- to long-term buying stance remains unchanged.

Mitsunari Akino, President of Ichiyoshi Asset Management

• Today’s market price is heading back.However, there is a strong momentum to wait and see as the US Personal Consumption Expenditure (PCE) price index, the Bank of Japan’s monetary policy meeting, and next week’s US employment statistics are scheduled to be released later.
• Semiconductor stocks suffered a complete momentum crash, and there are still lingering effects.There are probably people who want to buy because of the reasonable price, but I don’t think the price has fallen enough yet.

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