Stocks: The Nikkei average continued to rise in the morning session, supported by the weak yen, also keeping an eye on the US employment statistics.

October 4, 2024, 11:51 AM GMT+9

<11:45> Nikkei average in the morning session continued to rise, supported by the weaker yen, while keeping an eye on the upcoming US employment statistics.
In the morning session of the Tokyo stock market, the Nikkei average continued to rise to 38,732.41 yen, up 180.35 yen from the previous trading day. The weaker yen exchange rate provided support, but profit-taking selling ahead of the US employment statistics announcement kept the upside in check, leading to consolidation at a slightly elevated level.
After opening slightly higher by 42 yen, the Nikkei average continued to trade near the previous day's closing price. With position adjustments ahead of the US employment statistics release, there were moments when it temporarily turned slightly negative.
Amid Prime Minister Shigeru Ishiba's cautious view on additional rate hikes by the Bank of Japan, there were voices such as that of Masakazu Suzuki, Chief Equity Market Analyst at Tokai Tokyo Intelligence Lab, saying, "The Bank of Japan is in a difficult position to move, and with speculation about US rate cuts easily affecting the foreign exchange market, attention must be paid to the US employment statistics."
Energy-related stocks were bought due to the rise in oil prices caused by increased geopolitical risks in the Middle East. In addition, a section of the retail sector was also sought after due to expectations of inbound consumption during China's large holiday (National Day).