Stocks: The Nikkei average rebounded in the morning, encouraged by the rise in US stocks, but gradually struggled to rise.

October 9, 2024 11:56 AM GMT+9 (excerpt)

<11:41> The Nikkei average rebounded in the morning, encouraged by the rise in US stocks, but gradually struggled to rise.
In the morning session of the Tokyo stock market, the Nikkei average rebounded to 39,178.70 yen, up 241.16 yen from the previous trading day. It started positively continuing the trend of higher US stocks from the previous day, but soon struggled to maintain its momentum. The strengthening of the yen in the foreign exchange market weighed on the market, coupled with a lack of overall positive factors, capping the upside.
The Nikkei average started up 447 yen from the previous trading day, temporarily reaching a high of 39,456.28 yen, up 518 yen at one point. The rise in the Philadelphia Semiconductor Index (SOX Index) in the US market the previous day was well received, leading to buying of semiconductor stocks and hi-tech related stocks that have a significant impact on the index. However, when the dollar/yen fluctuated towards a stronger yen in the foreign exchange market, the Nikkei average gradually struggled to rise, resulting in a back and forth movement in the latter half of the morning session.