Nikkei 225 — daily market movers
Macro backdrop
The Nikkei 225 rose about 0.69%. The session was dominated by a rotation into cyclical value ahead of the Bank of Japan's mid-September policy meeting, where rate-hike expectations had been building after Governor Ueda signaled a possible September move and the yen firmed. Firmer rate expectations favored refiners, chemicals and industrials over high-multiple growth and defensive names.
Top 10 gainers
| # | Ticker | Company / business | Change | Likely Driver |
|---|---|---|---|---|
| 1 | 5020.T | ENEOS Holdings Japan's largest oil refiner and marketer; also metals and energy materials | +4.99% | Refiners led a value/cyclical bid ahead of the BOJ meeting; firm refining margins and a string of analyst target-price raises supported the move. |
| 2 | 7735.T | SCREEN Holdings Makes semiconductor cleaning equipment, plus printing and display gear | +4.37% | Chip-equipment names rebounded with global semiconductor sentiment; part of a broad cyclical bid rather than a standalone catalyst. |
| 3 | 5019.T | Idemitsu Kosan Oil refiner and marketer; also petrochemicals, lithium and functional materials | +4.31% | Rose with the refiner group; supported by firm refining margins and its earlier upward revision to full-year FY2026 earnings guidance. |
| 4 | 6752.T | Panasonic Holdings Diversified electronics: EV batteries, appliances, automotive and industrial systems | +4.19% | Continued optimism over its cost-cutting/restructuring plan and an improved EV-battery (Tesla) outlook lifted the shares. |
| 5 | 5301.T | Tokai Carbon Produces carbon black, graphite electrodes and other carbon materials | +4.02% | Part of the day's rotation into cyclical materials; no clear standalone catalyst identified. |
| 6 | 4188.T | Mitsubishi Chemical Group Japan's largest diversified chemicals group; petrochemicals, materials, pharma | +3.90% | Caught the broad bid for chemicals and materials as money rotated into value cyclicals; no single-name catalyst. |
| 7 | 4902.T | Konica Minolta Office imaging equipment, optics and healthcare imaging systems | +3.79% | Rode the cyclical/value rotation; no specific company news identified. |
| 8 | 4183.T | Mitsui Chemicals Diversified chemicals: petrochemicals, functional materials and agrochemicals | +3.70% | Part of the sector-wide chemicals rally; no standalone catalyst on the day. |
| 9 | 4005.T | Sumitomo Chemical Diversified chemicals: petrochemicals, materials, agrochemicals and pharma | +3.48% | Joined the chemicals/materials bid within the value rotation; no single-name catalyst. |
| 10 | 6645.T | Omron Industrial automation, sensing and control gear; also healthcare devices | +3.44% | Industrial-automation name lifted by the cyclical bid; no specific catalyst identified. |
- 1. 5020.T+4.99%ENEOS HoldingsJapan's largest oil refiner and marketer; also metals and energy materialsRefiners led a value/cyclical bid ahead of the BOJ meeting; firm refining margins and a string of analyst target-price raises supported the move.
- 2. 7735.T+4.37%SCREEN HoldingsMakes semiconductor cleaning equipment, plus printing and display gearChip-equipment names rebounded with global semiconductor sentiment; part of a broad cyclical bid rather than a standalone catalyst.
- 3. 5019.T+4.31%Idemitsu KosanOil refiner and marketer; also petrochemicals, lithium and functional materialsRose with the refiner group; supported by firm refining margins and its earlier upward revision to full-year FY2026 earnings guidance.
- 4. 6752.T+4.19%Panasonic HoldingsDiversified electronics: EV batteries, appliances, automotive and industrial systemsContinued optimism over its cost-cutting/restructuring plan and an improved EV-battery (Tesla) outlook lifted the shares.
- 5. 5301.T+4.02%Tokai CarbonProduces carbon black, graphite electrodes and other carbon materialsPart of the day's rotation into cyclical materials; no clear standalone catalyst identified.
- 6. 4188.T+3.90%Mitsubishi Chemical GroupJapan's largest diversified chemicals group; petrochemicals, materials, pharmaCaught the broad bid for chemicals and materials as money rotated into value cyclicals; no single-name catalyst.
- 7. 4902.T+3.79%Konica MinoltaOffice imaging equipment, optics and healthcare imaging systemsRode the cyclical/value rotation; no specific company news identified.
- 8. 4183.T+3.70%Mitsui ChemicalsDiversified chemicals: petrochemicals, functional materials and agrochemicalsPart of the sector-wide chemicals rally; no standalone catalyst on the day.
- 9. 4005.T+3.48%Sumitomo ChemicalDiversified chemicals: petrochemicals, materials, agrochemicals and pharmaJoined the chemicals/materials bid within the value rotation; no single-name catalyst.
- 10. 6645.T+3.44%OmronIndustrial automation, sensing and control gear; also healthcare devicesIndustrial-automation name lifted by the cyclical bid; no specific catalyst identified.
Common Themes
The gainers were overwhelmingly cyclical value: two oil refiners (ENEOS, Idemitsu), four chemicals/materials names (Mitsubishi Chemical, Mitsui Chemicals, Sumitomo Chemical, Tokai Carbon) and industrial/electronics names (Panasonic, Omron, Konica Minolta, SCREEN). Refiners were helped by firm margins and analyst upgrades, and Panasonic by restructuring and battery optimism, but the dominant thread was a rate-driven rotation into value cyclicals rather than individual catalysts.
Top 10 losers
| # | Ticker | Company / business | Change | Likely Driver |
|---|---|---|---|---|
| 1 | 4385.T | Mercari Operates Japan's largest consumer marketplace app and a mobile-payments service | -6.36% | High-multiple internet name sold off hardest as money rotated out of growth; no specific company catalyst identified. |
| 2 | 4578.T | Otsuka Holdings Pharma and nutraceutical group; psychiatric drugs and functional beverages | -4.55% | Pharma/defensive weakness as investors rotated out of healthcare into cyclicals; no fresh company catalyst found. |
| 3 | 4506.T | Sumitomo Pharma Prescription-drug maker focused on psychiatry, neurology and regenerative medicine | -4.11% | Volatile pharma name fell with the healthcare pullback; no confirmed same-day catalyst identified. |
| 4 | 9843.T | Nitori Holdings Japan's largest home-furnishings retailer and private-label manufacturer | -3.08% | Pressured by a recent first-half earnings decline that missed estimates, plus rotation out of defensives; a firmer yen usually helps this importer. |
| 5 | 9766.T | Konami Group Games, entertainment and fitness-club operator | -2.87% | Profit-taking in a strong game-sector performer amid the growth-to-value rotation. |
| 6 | 4755.T | Rakuten Group E-commerce, fintech and mobile-telecom internet conglomerate | -2.58% | Growth internet/fintech name sold as investors rotated toward value cyclicals. |
| 7 | 3697.T | SHIFT Inc Software-testing and quality-assurance services provider | -1.94% | High-multiple IT-services name pressured by the rotation out of growth. |
| 8 | 4689.T | LY Corp Internet platform group operating Yahoo Japan and LINE | -1.88% | Internet/platform name weakened with the broader growth-to-value shift. |
| 9 | 285A.T | Kioxia Holdings Maker of NAND flash memory and solid-state drives | -1.87% | Continued profit-taking in the volatile memory/AI-adjacent name after a huge run; part of the tech pullback. |
| 10 | 6532.T | BayCurrent Large Japanese management and digital-transformation consulting firm | -1.78% | High-multiple consulting name eased as money rotated out of growth. |
- 1. 4385.T-6.36%MercariOperates Japan's largest consumer marketplace app and a mobile-payments serviceHigh-multiple internet name sold off hardest as money rotated out of growth; no specific company catalyst identified.
- 2. 4578.T-4.55%Otsuka HoldingsPharma and nutraceutical group; psychiatric drugs and functional beveragesPharma/defensive weakness as investors rotated out of healthcare into cyclicals; no fresh company catalyst found.
- 3. 4506.T-4.11%Sumitomo PharmaPrescription-drug maker focused on psychiatry, neurology and regenerative medicineVolatile pharma name fell with the healthcare pullback; no confirmed same-day catalyst identified.
- 4. 9843.T-3.08%Nitori HoldingsJapan's largest home-furnishings retailer and private-label manufacturerPressured by a recent first-half earnings decline that missed estimates, plus rotation out of defensives; a firmer yen usually helps this importer.
- 5. 9766.T-2.87%Konami GroupGames, entertainment and fitness-club operatorProfit-taking in a strong game-sector performer amid the growth-to-value rotation.
- 6. 4755.T-2.58%Rakuten GroupE-commerce, fintech and mobile-telecom internet conglomerateGrowth internet/fintech name sold as investors rotated toward value cyclicals.
- 7. 3697.T-1.94%SHIFT IncSoftware-testing and quality-assurance services providerHigh-multiple IT-services name pressured by the rotation out of growth.
- 8. 4689.T-1.88%LY CorpInternet platform group operating Yahoo Japan and LINEInternet/platform name weakened with the broader growth-to-value shift.
- 9. 285A.T-1.87%Kioxia HoldingsMaker of NAND flash memory and solid-state drivesContinued profit-taking in the volatile memory/AI-adjacent name after a huge run; part of the tech pullback.
- 10. 6532.T-1.78%BayCurrentLarge Japanese management and digital-transformation consulting firmHigh-multiple consulting name eased as money rotated out of growth.
Common Themes
The losers split into three threads: high-multiple growth (Mercari, Rakuten, LY Corp, SHIFT, BayCurrent and memory-maker Kioxia), healthcare defensives (Otsuka, Sumitomo Pharma), and retailer Nitori, which carried a recent earnings miss. All three groups were on the funding side of the same value rotation; only Nitori and Kioxia had clearly identifiable company-specific overhangs, while the rest looked driven by the sector shift.
Overall read
Money rotated out of high-multiple growth, healthcare defensives and consumer retail and into cyclical value — refiners, chemicals, materials and industrials — as BOJ rate-hike expectations firmed ahead of the September meeting. The tape reads as a rates-driven value-over-growth session rather than one set by individual company news.