Nikkei 225 — daily market movers
Macro backdrop
The Nikkei 225 jumped +2.40%, hitting a roughly three-month high and closing in on the 70,000 mark. AI and semiconductor shares led the advance as cooling expectations for further U.S. rate hikes lifted risk appetite, extending the prior Friday's strength in U.S. chip stocks. BOJ policy and the yen remain the backdrop variables for the first full trading week of October.
Top 10 gainers
| # | Ticker | Company / business | Change | Likely Driver |
|---|---|---|---|---|
| 1 | 6723.T | Renesas Electronics Automotive and industrial microcontrollers and SoC semiconductors | +8.03% | Led the chip-stock rally, lifted by strength in U.S. semiconductors and expectations of robust AI-related demand. |
| 2 | 6762.T | TDK Electronic components: MLCCs, inductors and rechargeable batteries | +7.79% | Rose with the sector on upbeat sentiment toward AI hardware and electronic-component demand. |
| 3 | 6146.T | DISCO Precision dicing, grinding and polishing equipment for chipmaking | +5.71% | Chip-equipment names rallied together on expectations of continued AI-driven capital spending. |
| 4 | 8035.T | Tokyo Electron Semiconductor and display production equipment | +5.50% | A front-end equipment leader, it led on the AI chip-capacity expansion theme tracking U.S. peers. |
| 5 | 6971.T | Kyocera Electronic components, ceramic packages and industrial products | +5.10% | Rebounded alongside the broader electronic-component and semiconductor complex. |
| 6 | 6857.T | Advantest Test systems for memory and logic/AI semiconductors | +4.32% | Rose on strong AI chip-test demand as the semiconductor supply chain moved in unison. |
| 7 | 4004.T | Resonac Holdings Chemicals and semiconductor back-end/packaging materials | +4.17% | Semiconductor-materials maker pulled higher by AI-driven capacity expansion. |
| 8 | 4021.T | Nissan Chemical Specialty chemicals and display/semiconductor materials | +4.08% | Advanced with the chip supply chain on the semiconductor-materials theme. |
| 9 | 9983.T | Fast Retailing Operates the Uniqlo and GU apparel retail chains worldwide | +4.07% | The lone non-chip name in the top 10; rose with the broad risk-on move and ahead of its upcoming full-year earnings. |
| 10 | 5333.T | NGK Insulators Ceramic insulators, NOx sensors and semiconductor components | +3.98% | Ceramics and semiconductor-component maker rode the AI capacity-expansion tailwind. |
- 1. 6723.T+8.03%Renesas ElectronicsAutomotive and industrial microcontrollers and SoC semiconductorsLed the chip-stock rally, lifted by strength in U.S. semiconductors and expectations of robust AI-related demand.
- 2. 6762.T+7.79%TDKElectronic components: MLCCs, inductors and rechargeable batteriesRose with the sector on upbeat sentiment toward AI hardware and electronic-component demand.
- 3. 6146.T+5.71%DISCOPrecision dicing, grinding and polishing equipment for chipmakingChip-equipment names rallied together on expectations of continued AI-driven capital spending.
- 4. 8035.T+5.50%Tokyo ElectronSemiconductor and display production equipmentA front-end equipment leader, it led on the AI chip-capacity expansion theme tracking U.S. peers.
- 5. 6971.T+5.10%KyoceraElectronic components, ceramic packages and industrial productsRebounded alongside the broader electronic-component and semiconductor complex.
- 6. 6857.T+4.32%AdvantestTest systems for memory and logic/AI semiconductorsRose on strong AI chip-test demand as the semiconductor supply chain moved in unison.
- 7. 4004.T+4.17%Resonac HoldingsChemicals and semiconductor back-end/packaging materialsSemiconductor-materials maker pulled higher by AI-driven capacity expansion.
- 8. 4021.T+4.08%Nissan ChemicalSpecialty chemicals and display/semiconductor materialsAdvanced with the chip supply chain on the semiconductor-materials theme.
- 9. 9983.T+4.07%Fast RetailingOperates the Uniqlo and GU apparel retail chains worldwideThe lone non-chip name in the top 10; rose with the broad risk-on move and ahead of its upcoming full-year earnings.
- 10. 5333.T+3.98%NGK InsulatorsCeramic insulators, NOx sensors and semiconductor componentsCeramics and semiconductor-component maker rode the AI capacity-expansion tailwind.
Common Themes
The gainers board was an almost one-sided AI-and-semiconductor rally: nine of the top ten are chip-equipment, electronic-component or semiconductor-materials names (Renesas, TDK, DISCO, Tokyo Electron, Kyocera, Advantest, Resonac, Nissan Chemical, NGK Insulators), tracking strength in U.S. chip stocks and expectations of sustained AI capital spending. The only non-chip name, Fast Retailing, rose with the broad lift in risk appetite and ahead of its upcoming full-year results.
Top 10 losers
| # | Ticker | Company / business | Change | Likely Driver |
|---|---|---|---|---|
| 1 | 4507.T | Shionogi Develops anti-infective, pain and central-nervous-system drugs | -4.49% | Defensive pharma was rotated out of as money chased chips; also carrying an overhang from its roughly $2 billion acquisition of IntraBio. |
| 2 | 5019.T | Idemitsu Kosan Petroleum refining, fuels and petrochemicals | -2.15% | Energy lagged on a growth-style day, with some profit-taking. |
| 3 | 4506.T | Sumitomo Pharma Psychiatry, oncology and regenerative-medicine drugmaker | -2.14% | Pulled down as defensive money flowed out of the pharma sector. |
| 4 | 4307.T | Nomura Research Institute IT consulting, systems integration and financial IT solutions | -2.01% | IT-services shares came under pressure on fears that AI spending is crowding out software/IT budgets. |
| 5 | 4689.T | LY Corp Operates Yahoo Japan and the LINE messaging/internet services | -1.91% | Internet/IT-linked name lagged on a session led by semiconductors. |
| 6 | 9532.T | Osaka Gas City-gas utility supplying gas, power and energy services | -1.63% | Defensive utility rotated out of amid the risk-on move into growth. |
| 7 | 9531.T | Tokyo Gas City-gas utility supplying gas, power and energy solutions | -1.59% | Utility defensives sold on sector rotation toward growth names. |
| 8 | 2432.T | DeNA Mobile games, e-commerce and sports/internet entertainment | -1.58% | Internet/gaming name did not join the chip-led rally. |
| 9 | 3697.T | SHIFT Software quality-assurance testing and IT development services | -1.53% | IT-services name weighed by concerns that AI is crowding out software/IT spending. |
| 10 | 7974.T | Nintendo Develops video-game consoles, software and the Switch platform | -1.36% | Consumer/gaming name saw profit-taking with no clear stock-specific negative. |
- 1. 4507.T-4.49%ShionogiDevelops anti-infective, pain and central-nervous-system drugsDefensive pharma was rotated out of as money chased chips; also carrying an overhang from its roughly $2 billion acquisition of IntraBio.
- 2. 5019.T-2.15%Idemitsu KosanPetroleum refining, fuels and petrochemicalsEnergy lagged on a growth-style day, with some profit-taking.
- 3. 4506.T-2.14%Sumitomo PharmaPsychiatry, oncology and regenerative-medicine drugmakerPulled down as defensive money flowed out of the pharma sector.
- 4. 4307.T-2.01%Nomura Research InstituteIT consulting, systems integration and financial IT solutionsIT-services shares came under pressure on fears that AI spending is crowding out software/IT budgets.
- 5. 4689.T-1.91%LY CorpOperates Yahoo Japan and the LINE messaging/internet servicesInternet/IT-linked name lagged on a session led by semiconductors.
- 6. 9532.T-1.63%Osaka GasCity-gas utility supplying gas, power and energy servicesDefensive utility rotated out of amid the risk-on move into growth.
- 7. 9531.T-1.59%Tokyo GasCity-gas utility supplying gas, power and energy solutionsUtility defensives sold on sector rotation toward growth names.
- 8. 2432.T-1.58%DeNAMobile games, e-commerce and sports/internet entertainmentInternet/gaming name did not join the chip-led rally.
- 9. 3697.T-1.53%SHIFTSoftware quality-assurance testing and IT development servicesIT-services name weighed by concerns that AI is crowding out software/IT spending.
- 10. 7974.T-1.36%NintendoDevelops video-game consoles, software and the Switch platformConsumer/gaming name saw profit-taking with no clear stock-specific negative.
Common Themes
The losers fall into three threads. First, defensive sectors were rotated out of as money chased chip growth — pharma (Shionogi, Sumitomo Pharma) and gas utilities (Osaka Gas, Tokyo Gas). Second, IT-services and internet-linked names (Nomura Research Institute, SHIFT, LY Corp, DeNA) were pressured by fears that AI spending is crowding out software/IT budgets. Third, idiosyncratic profit-taking and sector factors (Nintendo, Idemitsu Kosan). Shionogi led the decline, with its roughly $2 billion IntraBio acquisition adding an overhang on top of the defensive rotation.
Overall read
Money rotated decisively into the AI and semiconductor growth theme across the whole chain — equipment, components and materials — and out of defensives such as pharma and gas utilities, as well as AI-disruption-exposed IT services. It was a classic growth-over-defensive risk-appetite expansion that carried the index to a roughly three-month high near the 70,000 mark.