Stocks: The Nikkei average continued to rise in the morning, heavy with anticipation of US stock gains and yen depreciation, as well as retail earnings.

October 10, 2024, 12:08 PM GMT+9 (excerpt)

- <11:45> The Nikkei average continued to rise in the morning, heavy with anticipation of US stock gains and yen depreciation, as well as retail earnings.
In the morning session of the Tokyo stock market, the Nikkei average rose slightly to 39,395.05 yen, up 117.09 yen from the previous trading day. This was supported by the solid performance in the US stock market the day before and a trend of yen depreciation. Key retail earnings announcements included major retail companies in Japan such as Fast Retailing (9983.T), opens new tab, and Seven & I Holdings (3382.T), opens new tab. In addition, the focus was on the release of the US Consumer Price Index (CPI) for September, which led to a round of buying followed by a cautious mood, causing the Nikkei average to reduce its gains.
After opening 297 yen higher, the Nikkei average rose to 33,816.59 yen, up 338 yen. Subsequently, leading high-tech stocks such as semiconductors were pressured by profit-taking sales, reducing the gains. With attention on upcoming events, a wait-and-see attitude spread, and price movements were limited.