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The Tokyo stock market experienced wild swings on Wednesday, with the benchmark Nikkei 225 index closing at 35,089.62, up 414.16 from Tuesday’s close. The index fell by more than 900 points in early trading, but later rose more than 1,100 points at one point as investors began buying back shares that had fallen in value.
Although all major stock indexes rose on the U.S. stock market the previous day, some semiconductor-related stocks were sold in the Tokyo market, partly due to the sharp drop in some high-tech stocks in the U.S. market. Export-related stocks, such as automobiles and machinery, also fell in value due to the stronger yen.
On the other hand, shares of trading firms and banks rose as investors widely bought back shares that had fallen in value on Monday.
A speech by Bank of Japan Deputy Gov. Shinichi Uchida on Wednesday morning also contributed to the stock buying. “For the time being, monetary easing must continue firmly at the current level,” Uchida said.
A major securities company official said, “The market is likely to remain volatile, although it is supported by a trend of hunting for stocks [of companies] with good financial statements.”
