Tokyo — Monday, 10 November 2025 (JST). Japan’s equity benchmarks started the week higher, led by a rebound in technology and AI‑linked names and a firmer global risk tone. The Nikkei 225 closed up 1.26% at 50,911.76, while the Topix rose 0.56% to 3,317.42. The yen hovered around ¥154 per US$, easing versus the dollar as investors priced in improved odds of a US government reopening and digested fresh Bank of Japan (BOJ) commentary. [1]
Market Snapshot (Close — 10 Nov 2025)
- Nikkei 225: 50,911.76 (+1.26%) — led by semiconductors and platform stocks. [2]
- Topix: 3,317.42 (+0.56%) — breadth positive across major groups. [3]
- FX: USD/JPY ~154 intraday as the dollar strengthened against the yen. [4]
- Rates: Japan 10‑year JGB yield ~1.69%–1.70% amid caution over BOJ normalization. [5]
Why Japanese stocks rallied today
1) Global risk appetite improved on hopes the US government shutdown will end soon.
A procedural advance in the US Senate lifted sentiment across regions; Asia and Europe followed US equity futures higher. That macro tailwind spilled into Tokyo at the open, helping unwind part of last week’s tech‑led sell‑off. [6]
2) Fresh BOJ signals: conditions edging closer to another rate hike—but with caution.
The BOJ’s “Summary of Opinions” from the Oct. 29–30 meeting, released this morning, noted that the conditions for a further step toward policy normalization are “almost” met, with the wage trend a crucial determinant of timing. Several voices also warned against missing the moment to move, while others argued for taking a little more time given global uncertainties. Markets read the document as a modestly hawkish nudge without committing to a December move. [7]
3) Policy backdrop: a more flexible fiscal stance from the new government.
Prime Minister Sanae Takaichi signaled plans to water down Japan’s short‑term fiscal consolidation target in favor of multi‑year flexibility and urged caution on near‑term rate hikes. Separately, a draft economic stimulus outline points to growth‑oriented measures and close coordination with the BOJ—another factor supporting equities sensitive to domestic demand and investment. [8]
Leaders on the day: chips and platforms
- Tokyo Electron (8035) +4.3% — Semiconductor equipment names bounced in step with the global AI complex. [9]
- Advantest (6857) +3.8% — Gains added to recent optimism after the company lifted its outlook late last month. [10]
- SoftBank Group (9984) +2.6% — The heavyweight’s rise helped amplify the Nikkei’s gains. [11]
- Mercari (4385) +10%+ — The e‑commerce platform surged after strong quarterly results, topping the Nikkei’s performance table. [12]
Breadth improved across cyclicals as well; real estate, banks and textiles were among sector risers according to post‑close screens. [13]
Yen and JGBs: modest moves, eyes on BOJ and wages
The yen weakened back near ¥154 per dollar, consistent with a mild “risk‑on” tone and currency traders’ read‑through from Washington headlines. In rates, the 10‑year JGB yield edged toward ~1.70%, with desks citing the BOJ’s discussion of inflation risks and wage momentum alongside ongoing debate about the pace of normalization. [14]
Context: a volatile week for tech just passed
Today’s rebound comes after last week’s AI‑valuation shock that briefly knocked the Nikkei as much as 4.7% intradayand left it down ~2.5% at Wednesday’s close, led by chip names. That slump reset positioning ahead of today’s recovery in semiconductors and platform stocks. [15]
What’s next for investors
- BOJ path‑watching: With the Summary of Opinions out, focus stays on wage trends and December guidance. Many board members see the next step as plausible if wage momentum holds, but the document also highlights the need to avoid acting prematurely. [16]
- Fiscal details: The government is expected to unveil its stimulus package later this month, which could influence domestic cyclicals, capital investment, and consumer‑facing shares. [17]
- US macro and shutdown resolution: A definitive deal in Washington would reduce data uncertainty and could further stabilize global risk sentiment—key for Japan’s export‑heavy market. [18]
Key levels to watch
- Nikkei 225: 51,000 remains a psychological marker after today’s close just below it; sustained strength in chips and mega‑caps would be needed to challenge late‑October record highs. [19]
- USD/JPY: 153–155 remains a closely watched range for exporters’ earnings sensitivity and for gauging imported‑inflation pressure ahead of the BOJ’s next decision. [20]
Sources & Notes
Official index closes: Nikkei Inc. and Reuters/JPX; FX levels from Reuters real‑time; BOJ policy commentary from the BOJ’s Summary of Opinions (Oct. 29–30, released Nov. 10); fiscal and macro headlines from Reuters; stock‑specific moves from Reuters company pages and Investing.com/Yahoo Finance market wraps. [21]
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Japan stocks today: Nikkei 225 climbed 1.26% to 50,911 and Topix advanced as tech rebounded. Yen near ¥154; BOJ’s latest Summary of Opinions nudged rate‑hike debate; stimulus signals support sentiment. [22]
Tags: Nikkei 225, Topix, Japan stocks today, BOJ, USD/JPY, Tokyo Electron, Advantest, SoftBank, Mercari, Sanae Takaichi, Japanese equities.
References
1. indexes.nikkei.co.jp, 2. indexes.nikkei.co.jp, 3. www.reuters.com, 4. www.reuters.com, 5. www.investing.com, 6. www.reuters.com, 7. www.boj.or.jp, 8. www.reuters.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.investing.com, 13. www.investing.com, 14. www.reuters.com, 15. www.tradingview.com, 16. www.boj.or.jp, 17. www.reuters.com, 18. www.reuters.com, 19. indexes.nikkei.co.jp, 20. www.reuters.com, 21. indexes.nikkei.co.jp, 22. indexes.nikkei.co.jp
