Analysts pointed out that in the past few days, Japanese government bond yields have been declining, and the Japanese stock market has taken advantage of this to rise. However, the rebound in government bond yields is hindering the upward trend of the stock market. It now seems difficult for the Nikkei to return to the 38,000-point level because selling pressure from profit-taking continues.
In trading on the Nikkei Index, among the top five stocks with the largest decline, four are technology stocks. SoftBank fell 1.66%, Tokyo Electron dropped 0.73%, and Advantest plummeted 1.26%. However, driven by a depreciating yen, automotive stocks rose with Toyota up 1.38% and Honda up 1.36%.
Daikin Industries, a Japanese air conditioning manufacturer, stated that it is shifting towards using customized semiconductor products in order to maximize energy-saving effects. They are collaborating with a Japanese design company to jointly develop logic chips used in air conditioning inverters. Daikin’s stock price performed poorly and fell by 0.9%.