The Nikkei average temporarily rose by more than 500 yen, favorable for the weakening of the yen and the earnings of major banks - also supported by strong GDP.

Updated on November 15, 2024 11:43 JST
On the 15th, the Tokyo stock market rebounded, with the Nikkei average temporarily exceeding a 500 yen increase. The weakening yen in the foreign exchange market due to speculation of a significant rate cut in the U.S., led to high trading of export-related stocks such as automobiles and electronics. Mizuho Financial Group and Kanpo Life Insurance surged on positive announcements of upward revisions of net profit plans and share buybacks, with banks and insurance stocks also rising.

The morning closing price of the Tokyo Stock Price Index (TOPIX) was 2724.35, up 0.9% from the previous day.
The Nikkei average stock price was 38,842.13 yen, up 0.8%.
The Nikkei average was bought up to a 565 yen (1.5%) high at one point.

Federal Reserve Chairman Powell stated on the 14th that the recent US economy has been remarkably strong, and there is no need to rush for interest rate cuts. Following the rise in US interest rates, the yen exchange rate temporarily hit a 7-month low against the dollar at 156.75 yen. Subsequently, there were restraining statements from Finance Minister Taro Aso, causing the momentum for yen depreciation to slow down.

<11:32> Nikkei average rebounds in the morning session, temporarily rising over 500 yen with yen support
In the morning session of the Tokyo stock market, the Nikkei average rebounded, closing 306.43 yen higher than the previous trading day at 38,842.13 yen. The depreciating yen supported the market, and there was buying aimed at autonomous rebound after three consecutive days of decline until the previous day. The Nikkei average temporarily rose more than 500 yen, but profit-taking sales gradually reduced the gains. Towards the end of the session, it became a back-and-forth movement.