Japan Market Daily — May 13, 2026
The Nikkei 225 closed above 63,000 for the first time ever on May 13, setting a fresh all-time high as semiconductor and AI-related stocks continued to drive gains for a second consecutive session. Broad optimism around corporate earnings and Japan's technology rally — led by SoftBank Corp.'s record FY2025 results — pushed the benchmark index into historic territory. The landmark close marks a continuation of Japan's exceptional bull run, with year-to-date gains now exceeding 22%.
Japan Market Daily — May 13, 2026
Market Snapshot
| Index | Close | Change | % Change |
|---|---|---|---|
| Nikkei 225 | 63,000+ (new all-time high) | +positive | +continued rally |
| TOPIX | 3,838.26 (May 12 ref.) | +0.23% | +0.23% |
| USD/JPY | ~145–150 range | — | — |
| 10Y JGB Yield | Elevated (BOJ intervention context) | — | — |
What Moved the Market
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Record Nikkei milestone: The Nikkei 225 Average closed above the 63,000 mark for the first time on May 13, rising for a second consecutive day. Semiconductor and AI concept stocks were the primary catalysts, with year-to-date gains now exceeding 22%.
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SoftBank Corp. earnings catalyst: SoftBank Corp. (TOKYO: 9434) reported record FY2025 net income and revenue on May 11, with net income up 5% year-on-year and revenue reaching an all-time high for the tenth consecutive year. Management forecast continued record-high earnings in FY2026, fueling investor confidence across Japan's technology sector.
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AI and semiconductor momentum: Trading Key analysis highlighted that the Nikkei 225 opened at 63,203.44 on May 11 — already an all-time high — driven by foreign investor inflows into semiconductor and AI-related equities following strong momentum from the prior week's 3,000+ point surge.
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Caution amid the rally — JGB warning: While the equity rally continued, local Japanese analysts issued warnings that instability in the government bond market and foreign exchange dynamics could threaten sustainability, flagging the divergence between soaring stocks and fragile underlying macro conditions.
Top Movers
Gainers
| Stock | Sector | Change |
|---|---|---|
| SoftBank Corp. (9434) | Telecom / Technology | Record earnings; strong rally |
| AI/Semiconductor leaders (broad sector) | Technology | Driving Nikkei to 63,000 milestone |
| Nikkei 225 tech basket | Technology | +22%+ YTD; continued session gains |
Losers
| Stock | Sector | Change |
|---|---|---|
| SoftBank Group (9984) | Tech Investment | Dragged on May 8 session, -4.56% (prior session) |
| Toyota Motor (7203) | Automotive | Q4 FY2026 profit missed estimates by wide margin |
| Iran-conflict-sensitive names | Various | Pulled back on renewed geopolitical concerns (May 12) |
Corporate Headlines
SoftBank Corp. posts record FY2025 results, forecasts more records ahead. SoftBank Corp. (TOKYO: 9434) reported on May 11 that FY2025 net income rose 5% year-on-year to a record high, with operating income also up 5% YoY. Revenue reached an all-time high for the tenth consecutive year. President & CEO Junichi Miyakawa stated the company aims to achieve record-high earnings again in FY2026. The strong results underpinned the broader Japan tech rally and contributed to the Nikkei's historic climb above 63,000.
Toyota's Q4 FY2026 profit falls 49% as Iran-related tariffs inflict $4.3 billion blow. Toyota Motor reported fiscal Q4 results on May 8, with operating profit missing estimates by a wide margin. The world's largest automaker by volume expects the effects of the Iran conflict to cost it approximately $4.3 billion this financial year. Revenue rose 1.89% year-on-year in Q4, but full-year operating profit is expected to fall for a third consecutive year. Toyota is working to address this challenge through cost optimization.
Sony Group reports FY2026 continuing results with financial spin-off and buyback. Sony Group's FY2026 continuing operations recorded sales of 12.48 trillion yen with 1.45 trillion yen in operating income. A financial services unit spin-off drove a net loss on a consolidated basis, which Sony paired with a 500 billion yen share buyback announcement to reassure investors.
BOJ & Macro Watch
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Japan conducted its first FX intervention in two years in late April, intervening in currency markets to boost the yen as USD/JPY tested critical levels. Sources indicated that now that the Ministry of Finance had drawn a firm line on the yen, market attention turned to whether the Bank of Japan would reinforce yen stability with a rate hike in June.
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BOJ held rates at its April 28 meeting, with three board members dissenting — a larger-than-expected sign of hawkish pressure. The meeting also included a larger-than-expected upward revision to the FY2026 inflation forecast, reflecting broader pass-through effects from elevated crude oil prices. USD/JPY drifted lower following the announcement.
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JGB market stability concerns flagged: Local analysts warned that while equities surged, Japan's government bond market and currency dynamics remain sources of underlying vulnerability — a divergence that could create longer-term market risk even amid the equity bull run.
What to Watch Tomorrow
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BOJ June rate decision speculation: With April's hold accompanied by three dissents and an upward inflation revision, markets will watch for any fresh BOJ communications or data releases that may sharpen expectations for a June rate hike — a key risk factor for yen and bond markets.
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Nikkei 63,000 consolidation: Having breached the psychologically significant 63,000 level for the first time, watch whether the index can hold above this milestone or faces profit-taking, particularly in AI/semiconductor names that led the rally.
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Toyota and auto sector response: Following Toyota's sharp Q4 profit miss and $4.3 billion Iran-conflict warning, monitor whether other major Japanese automakers (Honda, Nissan) issue similar guidance revisions, and watch for any updates on U.S.-Japan trade negotiation progress that could alleviate tariff pressures.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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