Nikkei Hits 38,473.97 as Tech Stocks Surge, Topix at 2,802.19; Akazawa to Visit US

Japanese equities advanced for a third consecutive session, with the Nikkei 225 closing at 38,088 yen on June 9, up 346 yen from the previous close, and further rising to 38,473.97 yen at the end of the morning session on June 10, a gain of 385.40 yen. The index recovered the 38,000 yen level for the first time in about a week. The rally was supported by gains in U.S. stocks, particularly in the technology sector, and a weaker yen, which boosted investor sentiment and export-oriented shares. The yen traded at the 145 per dollar level. Optimism over progress in U.S.-Japan and U.S.-China trade negotiations also contributed, with Japanese Economic and Fiscal Policy Minister Ryosei Akazawa scheduled to visit the U.S. from June 13. In the bond market, Japan's 10-year government bond yield rose to 1.47% on June 9 before easing to 1.46% on June 10, while the 2-year yield increased by 0.5 basis points to 0.765%. The 30-year bond yield fell by 5 basis points to 2.86%. The Tokyo Stock Exchange's Prime Market trading value reached 1.7281 trillion yen during the morning session on June 10. Market gains were broad-based, with 26 of 33 sectors advancing. The Topix index ended the morning session up 0.61% at 2,802.19 points. Leading individual performers included Sumitomo Pharma, up 5.8%; Nidec, up 4.8%; ispace, up 5.2%; Advantest, up 4%; Shin-Etsu Chemical, up 2.4%; and Mazda, up 1.4%.