The Nikkei index on the Tokyo stock market closed higher today, August 4, rising 202.63 points or 0.32 percent to end at 63,957.53. The gain came on buybacks in artificial intelligence and semiconductor shares, despite early morning declines driven by concerns that Japan and the United States may cooperate on further yen intervention. Those worries followed remarks yesterday by Japanese Finance Minister Satsuki Katayama that both countries would not hesitate to step in to support the yen. The market recovered in the afternoon, however, as investors bought back previously sold stocks and drew confidence from strong earnings at major Japanese companies, including chipmaker Kioxia Holdings. An analyst at Tokai Tokyo Intelligence Laboratory noted that the negative impact from the yen is unlikely to persist, since the market had not been rallying on expectations of a weaker yen in the first place.
Kioxia Holdings CorporationStrong earnings at Kioxia Holdings cited as a factor in market recovery
Japanese Finance Minister remarks suggest possible yen intervention, strengthening JPY