Market Movers

Nikkei 225 — daily market movers

Macro backdrop

The Nikkei 225 surged +3.30% in a broad risk-on session. The catalyst was Micron's strong earnings, reported the prior evening (after the US close on Sep 30): quarterly revenue of roughly $54.23B and next-quarter guidance near $61.5B, both well above expectations, with management flagging that AI data-center demand for high-bandwidth memory (HBM) continues to outstrip capacity and that long-term supply agreements have risen to about $32B. That reignited the global AI/semiconductor trade, and Japan's entire chip supply chain rallied alongside US chip names.

Top 10 gainers

  • 1. 6920.T+11.14%
    Lasertec
    Makes inspection and measurement systems for EUV photomasks and semiconductor wafers
    Leading AI-chip equipment name; led the semiconductor-equipment group higher after Micron's blowout results.
  • 2. 6857.T+9.78%
    Advantest
    Builds automated test equipment for semiconductors, including AI and memory chips
    Micron's HBM supply-tightness commentary lifted expectations for memory-chip test demand.
  • 3. 4062.T+8.75%
    Ibiden
    Produces high-end IC package substrates and ceramic components for advanced processors
    Upstream AI-materials beneficiary; demand pull-through for high-end processor substrates.
  • 4. 6981.T+8.43%
    Murata Manufacturing
    World's largest maker of multilayer ceramic capacitors and electronic components
    Electronic-component names rose on the broader AI-hardware demand narrative.
  • 5. 6976.T+8.32%
    Taiyo Yuden
    Manufactures multilayer ceramic capacitors, inductors and other passive components
    Rallied with Murata as the passive-component group tracked the AI-semis trade.
  • 6. 5706.T+7.55%
    Mitsui Mining & Smelting (Mitsui Kinzoku)
    Non-ferrous metals smelter; leading supplier of copper foil for chip substrates
    An AI 'shovel seller' — upstream materials supplier benefiting from the chip build-out.
  • 7. 6762.T+7.35%
    TDK
    Makes electronic components, passive devices and rechargeable batteries
    Component maker caught the sector-wide bid alongside the chip supply chain.
  • 8. 7735.T+7.22%
    Screen Holdings
    Supplies wafer-cleaning and surface-processing equipment for semiconductor manufacturing
    Semiconductor-equipment peer rallied on the renewed AI capex optimism.
  • 9. 5801.T+6.66%
    Furukawa Electric
    Makes electrical cable, optical fiber and non-ferrous metal products
    Benefited from the AI data-center optical/materials theme.
  • 10. 8035.T+6.47%
    Tokyo Electron
    One of the world's largest makers of semiconductor fabrication equipment
    Chip-equipment heavyweight tracked US semiconductor strength after Micron.

Common Themes

All ten gainers sit in a single theme: the AI semiconductor supply chain. The group spans chip-making equipment (Lasertec, Advantest, Tokyo Electron, Screen), passive components (Murata, TDK, Taiyo Yuden) and upstream materials (Ibiden substrates, Mitsui Kinzoku copper foil, Furukawa optical/materials). One catalyst — Micron's earnings and HBM/AI-memory supercycle commentary — drove the entire cohort; there were no standalone company catalysts needed.

Top 10 losers

  • 1. 5019.T-3.96%
    Idemitsu Kosan
    Oil refiner and supplier of petroleum, lubricants and petrochemicals in Japan
    Refiners pressured by weaker crude oil prices; no company-specific news.
  • 2. 8750.T-3.12%
    Dai-ichi Life Holdings
    Major Japanese life insurance group with domestic and overseas operations
    Part of the rotation out of financial/value names on a risk-on day.
  • 3. 8306.T-3.08%
    Mitsubishi UFJ Financial Group
    Japan's largest banking and financial services group
    Megabanks sold as money rotated into semis; lower long-end JGB yields also weighed.
  • 4. 8766.T-3.07%
    Tokio Marine Holdings
    Japan's largest property & casualty insurance group, with global operations
    Insurers gave back ground amid the move out of value/financials.
  • 5. 8267.T-3.03%
    Aeon
    Operates supermarkets, general-merchandise stores and shopping malls across Asia
    Defensive/domestic-demand retailer left behind in the risk-on rotation.
  • 6. 8308.T-2.96%
    Resona Holdings
    Commercial and regional banking group focused on retail and SME lending
    Sold with the broader bank complex; no standalone catalyst.
  • 7. 9501.T-2.92%
    Tokyo Electric Power (TEPCO)
    Electric power utility serving the greater Tokyo metropolitan region
    Defensive utility sold as capital shifted toward growth/semis.
  • 8. 8411.T-2.76%
    Mizuho Financial Group
    One of Japan's three megabanks, offering banking and financial services
    Part of the bank-sector rotation; partly gave back prior-day gains.
  • 9. 5020.T-2.74%
    ENEOS Holdings
    Japan's largest oil refiner, also active in metals and energy
    Refiner weighed down by soft crude prices; no company-specific driver.
  • 10. 8316.T-2.54%
    Sumitomo Mitsui Financial Group
    One of Japan's three megabanks, offering banking and financial services
    Megabank sold in the same value-to-growth rotation.

Common Themes

The losers are the mirror image of the gainers — a rotation out of value and defensives. Three threads: megabanks and a regional bank (MUFG, Mizuho, SMFG, Resona) plus insurers (Dai-ichi Life, Tokio Marine) sold as capital chased semis, with lower long-end JGB yields adding pressure; refiners (Idemitsu, ENEOS) hurt by weaker crude; and defensive/domestic names (TEPCO, Aeon) simply left behind. None had a standalone company catalyst — the moves were pure sector rotation.

Overall read

A textbook sector rotation: Micron's earnings reignited the AI-memory supercycle narrative, pulling money into semiconductor equipment, electronic components and upstream materials, and out of banks, insurers, utilities and refiners. The index jumped +3.30%, but the advance was highly concentrated in the AI chip chain — a barbell-style divergence beneath a strong headline number.

Sources