Key Takeaways
- Japan’s Nikkei share average rose 1% to 64,082.36.
- SoftBank Group shares surged 9.13% after a 10.7% loss.
- AI-related stocks saw gains, while value stocks and bank shares fell.
Japan’s Nikkei share average climbed 1% to 64,082.36, recovering from earlier losses, as technology investor SoftBank Group rebounded from a significant selloff in the previous session.
The broader Topix index remained flat at 4,057.06, with gains in AI-related stocks partially offsetting declines in value stocks and bank shares.
SoftBank Group shares surged 9.13%, recouping part of the 10.7% loss from the previous day, as investors reassessed the impact of warnings from AI industry leaders about the risks associated with the technology.
Kioxia shares rose 2.73%, while chip-related companies Advantest and Tokyo Electron saw gains of 0.8% and 0.33%, respectively.
Leopalace21 shares were untraded amid a glut of buy orders, following a tender offer announcement by the apartment operator.
The Topix index slipped as the gains in AI-related shares curbed demand for value stocks, leading to a decline in bank shares, with Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group losing 0.83% and 1.98%, respectively.
Sony Group fell 1.08% as the broader market sentiment shifted.
Of the more than 1,500 stocks trading on the Tokyo Stock Exchange’s prime market, 57% rose, 38% fell, and 4% traded flat, reflecting a mixed market reaction.
