The Nikkei Average rebounded sharply for the first time in 9 days, with expectations of a sharp rise in rice stocks of 1000 yen and an autonomous rebound

July 29, 2024 at 3:28 PM GMT+9 (some excerpts)

The Nikkei Average rebounded sharply for the first time in 9 days to 38,468 yen 63 yen, 801 yen 22 yen higher than the previous business day. In the US market the previous weekend, high-tech stocks were bought in response to a slowdown in growth in inflation-related indicators, and the Japanese stock market developed almost across the board. The Nikkei Average has fallen by about 3600 yen due to 8 business days of continuous decline until the previous weekend, and purchases with expectations of an autonomous rebound also came in. The increase in the Nikkei Average exceeded 1000 yen at one point.

The Nikkei Average started with a solid 471 yen increase compared to the previous business day, then expanded the range of increase, and set a high price of 38,719 yen 70 yen, 1052 yen higher in the middle of the front market. Stocks that announced good financial results rose drastically, and trading using individual materials as clues became active. An indication was heard in the market that “there was also a large increase due to the reaction of excessive decline (up to the previous week)” (domestic securities strategist).
Meanwhile, when entering the backstage, sluggish developments continued. Since the Japan-US monetary policy event is ahead this week, the wait-and-see attitude has also strengthened, and it has gone back and forth.