Japan Market Daily — 2026-04-24

Market Snapshot

Note: Precise closing figures for April 24 were not yet confirmed in available data at time of publication. Intraday data shows the Nikkei briefly topped ¥60,000 on April 23 before pulling back, with a record close confirmed for April 24.

1 sources

img.etimg.com

img.etimg.com

What Moved the Market

• AI and semiconductor earnings strength drove the rally. Strong quarterly results from AI-linked companies — including circuit board maker Ibiden, a key supplier to Nvidia — led technology stocks higher across the Tokyo Stock Exchange. Investors broadly bought into the AI investment narrative as corporate earnings season got underway.

• U.S. buyers returned to Japan equities as Middle East shock faded. Goldman Sachs noted a resumption of U.S. capital inflows into Japanese stocks, partly driven by a stabilizing yen. The shift added buying pressure to the tech-heavy Nikkei 225, extending the index's rebound from a recent low on March 31 — a gain of roughly 13.6% since that trough.

• Historic 60,000 breach on Thursday created momentum for Friday's record close. The Nikkei 225 briefly crossed ¥60,000 for the first time ever during Thursday's session before selling in semiconductor names pulled it back below ¥59,000 at Thursday's close. Friday's session saw the index recover and close at a new all-time closing high.

• JPMorgan lifted its Nikkei price target, adding to bullish sentiment. The upgrade — announced earlier this week — signaled that major institutional investors see further upside for Japanese equities, adding fuel to the week's rally.

2 sources

japantimes.co.jp

japantimes.co.jp

japantimes.co.jp

japantimes.co.jp

Top Movers

Gainers

Losers

Corporate Headlines

Japan's AI Mega-Consortium Gains Traction. SoftBank, NEC, Honda Motor, and Sony Group have formally established a new joint venture to develop large-scale artificial intelligence for domestic corporate use, backed by ¥1 trillion in Japanese government funding. The initiative, first reported last week, is aimed at closing the gap with leading U.S. and Chinese AI developers. All four founding companies saw their stocks move higher this week as investors priced in the significance of the venture.

Fujitsu Earnings Preview. Fujitsu (6702.T) was in focus ahead of its April 23 earnings release with the stock trading at ¥3,883 entering the report, carrying a P/E of 23.9 and strong technical signals according to pre-earnings analysis. Fujitsu's results were being watched as an early barometer of Japan's enterprise IT spending environment.

Nikkei Hits Record as Tech and Consumer Sectors Rotate. TheStreet Pro noted that Tokyo investors are "looking beyond the disruption in the Middle East" as Japan stocks ride high ahead of a heavy earnings week. Tech names led the charge while consumer-oriented plays lagged, highlighting a sector rotation dynamic that traders expect to continue into May.

1 sources

techwireasia.com

techwireasia.com

BOJ & Macro Watch

• BOJ rate-hike calculus complicated by ceasefire uncertainty. Japan's trade minister stated on April 12 that BOJ monetary policy "could be an option to tame rising prices by boosting the yen," as the central bank weighs raising interest rates this month to counter inflation spurred by the Iran war. The yen's stabilization this week — which Goldman Sachs cited as a trigger for renewed U.S. buying of Japanese equities — gives the BOJ modest breathing room, though the policy path remains data-dependent.

• Yen stability a key catalyst for equity inflows. Goldman Sachs flagged that a stabilizing yen was among the key factors driving U.S. investors back into Japan stocks this week. A weaker-than-feared yen trajectory reduces currency hedging costs and improves risk-adjusted returns for foreign buyers of Nikkei-indexed instruments.

• Longer-term yen outlook remains contested. Strategists at JPMorgan and BNP Paribas had in late 2025 projected the yen could weaken to ¥160 per dollar or beyond by end-2026, driven by still-wide U.S.-Japan yield gaps and persistent capital outflows. The current stabilization may prove temporary if the BOJ delays rate normalization.

What to Watch Tomorrow

• Japan earnings season in full swing. Multiple blue-chip companies are scheduled to report quarterly results in the coming sessions. Investors will scrutinize guidance revisions — particularly from semiconductor-adjacent names — for signals on whether the AI-driven rally has fundamental earnings support or is running ahead of fundamentals.

• Middle East ceasefire developments. President Trump's extension of the U.S.-Iran ceasefire has been a key driver of risk-on sentiment globally. Any breakdown in negotiations or escalation could trigger a sharp reversal in Japanese equities, which remain sensitive to oil price shocks and geopolitical risk premiums.

• U.S. economic data and Fed signals. With Wall Street's Nasdaq suffering its worst single-day performance in nearly a month on Thursday, any further weakness in U.S. tech could spill over into Tokyo trading through futures markets and overnight sentiment, potentially testing whether Japan's rally can decouple from a softening U.S. backdrop.