Tokyo, December 9, 2025 — The Tokyo Stock Exchange saw brisk trading on Tuesday as investors navigated a powerful overnight earthquake, a steadier yen and global jitters ahead of this week’s pivotal U.S. Federal Reserve meeting. The Nikkei 225 inched up 0.14% to close at 50,651.75, while semiconductor shares outperformed, pushing the Nikkei Semiconductor Stock Index about 0.75% higher. [1]
At the single-stock level, turnover was concentrated in a cluster of telecom, financial, energy, chip and consumer names. NTT, Sony Financial Group, Tokyo Electric Power (TEPCO), Mitsubishi UFJ Financial Group and Kioxia topped the most active list by volume, with defense, AI and tourism-linked plays not far behind. [2]
Market Snapshot: Quake Jitters, Fed Anxiety, But Nikkei Holds Firm
Asian equities traded cautiously as investors braced for an almost-certain U.S. rate cut later this week and tried to gauge how aggressive the Fed will be about easing in 2026. A Reuters market wrap noted that broader Asia ex‑Japan slipped, with the Nikkei at one point modestly lower before clawing back into positive territory by the close. [3]
The macro backdrop was complicated by a 7.5‑magnitude earthquake that struck off Japan’s northeastern coast at 11:15 p.m. on Monday. Authorities issued tsunami warnings for Hokkaido, Aomori and Iwate, evacuating roughly 90,000 residents, but these were downgraded and fully lifted by Tuesday morning after only small tsunami waves and limited damage were recorded. About 30 injuries were reported and power, briefly lost to thousands of households, has largely been restored. Crucially for markets, regulators reported no irregularities at regional nuclear plants. [4]
In FX, the yen initially weakened on quake headlines but later firmed slightly as demand for haven assets and a strong five‑year JGB auction supported the currency. [5]
Against this backdrop, traders rotated within Japanese equities rather than fleeing the market, creating unusually heavy turnover in a handful of high‑beta and thematically important names.
Most Active Tokyo Stocks Today (By Volume)
According to real‑time data from Investing.com, the following were the most actively traded Japanese stocks on Tuesday, December 9 (Tokyo session): [6]
- NTT Inc (9432) — ¥153.5, -0.5% with ~115 million shares traded
- Sony Financial Group (8729) — ¥156.2, +3.4% with ~93 million shares
- Tokyo Electric Power Co. / TEPCO (9501) — ¥639.9, +2.0% with ~91.5 million shares
- Mitsubishi UFJ Financial Group (8306) — ¥2,487, -0.5% with ~29 million shares [7]
- Kioxia Holdings — ¥9,875, -2.7% with ~23 million shares
- Mitsubishi Heavy Industries (7011) — ¥4,254, +1.1% with ~20 million shares [8]
- SoftBank Group (9984) — ¥18,730, +0.4% with ~16.8 million shares
- Sanrio (8136) — ¥5,277, -5.9% with ~13.6 million shares [9]
- JX Advanced Metals (5016) — ¥1,722, -4.5% with ~13.1 million shares [10]
- Immuno‑Biological Laboratories (4570) — ¥1,771, +4.5% with ~12.8 million shares [11]
Other heavily traded names included Japan Post Bank, Fanuc, Kokusai Electric, Fujikura, Toyota, Renesas, Lasertec, Kawasaki Heavy Industries, Oriental Land, Nintendo, Mizuho Financial and Sony Group, underscoring broad participation across financials, semiconductors, industrials and consumer plays. [12]
Below, we break down what’s driving activity in the key names — and what analysts and traders are watching next.
NTT Group: Massive Buyback Meets New AI Ambition
NTT Inc (9432) again topped the volume rankings, edging 0.5% lower despite more than 115 million shares changing hands. [13]
Two themes continue to dominate the NTT story:
- Ongoing mega buyback program
- On December 1, NTT reported that it had repurchased about 284 million shares between November 4 and 28, bringing total buybacks under its May 9 authorization to more than 835 million shares for roughly ¥130 billion. The resolution allows for up to 1.5 billion shares or ¥200 billion in repurchases through March 31, 2026, all via open‑market buying on the Tokyo Stock Exchange. [14]
- Such aggressive shareholder returns help explain why the stock remains one of the most liquid on the TSE: buybacks both provide continuous bid support and encourage active trading by institutions and retail investors.
- Fresh AI push via NTT DATA
- Separately today, NTT DATA Group announced the appointment of Dr. Bratin Saha—a veteran of NVIDIA, AWS and DigitalOcean—as CEO of its new Silicon Valley‑based AI company, NTT DATA AIVista, Inc. [15]
- The new unit is tasked with helping NTT operating companies “launch and scale AI‑native businesses,” signaling that the group wants to compete more directly in high‑end AI infrastructure and services, not just connectivity.
Outlook:
For medium‑term investors, NTT remains a classic “liquid quality” play: large market cap, robust buybacks, and a growing AI angle. But in the short term, the stock’s heavy trading volumes suggest it is also being used tactically as a proxy for Japan’s broader equity sentiment and for yield‑oriented rotation when bond markets wobble.
Sony Financial Group: Post‑Spin‑Off Re‑Rating Continues
Sony Financial Group (8729) was the second‑most active stock, jumping about 3.4% to around ¥156, near the middle of its 52‑week range of ¥139–¥210. [16]
Key context:
- Sony completed a rare direct spin‑off listing of its financial arm in late September. On its Tokyo debut, Sony Financial shares initially surged above their reference price amid strong buy orders, and the company pledged up to ¥100 billion in share buybacks. [17]
- The spin‑off is designed to give Sony Financial its own capital‑raising flexibility, while Sony Group focuses on entertainment and image sensors. Sony’s CEO has argued that separating balance sheets will help investors value each business more clearly. [18]
- According to StockAnalysis, Sony Financial’s market capitalization now stands at roughly ¥1.04 trillion, with a P/E multiple in the mid‑20s, highlighting expectations for stable earnings from life insurance, non‑life insurance and online banking subsidiaries. [19]
Technical services such as StockInvest describe the stock as being in a wide but downward short‑term trend, even after today’s bounce, and flag the possibility of further volatility as the post‑listing price discovery continues. [20]
Takeaway:
High turnover today likely reflects ongoing portfolio rebalancing as global investors decide how much exposure they want to this newly independent Japanese financial group — particularly ahead of the Fed decision, which will shape global rate expectations and thus bank valuations.
Tokyo Electric Power (TEPCO): Nuclear Option Back in Focus
Tokyo Electric Power Company Holdings (TEPCO, 9501) gained nearly 2% on heavy volume, extending a volatile run for one of Japan’s most closely watched utilities. [21]
Two structural catalysts remain front and center:
- Potential first nuclear restart since Fukushima
- A regional assembly in Niigata Prefecture has begun debating whether to approve the restart of Unit 6 at the Kashiwazaki‑Kariwa nuclear plant, operated by TEPCO. A vote is expected by December 22, 2025. [22]
- If approved, this would mark TEPCO’s first reactor restart since the 2011 Fukushima disaster. Analysts note that bringing the unit back online could improve TEPCO’s earnings by reducing reliance on expensive fossil‑fuel imports, though political and safety risks remain elevated.
- JERA’s new LNG export deal
- TEPCO owns JERA, Japan’s largest power generator, jointly with Chubu Electric. On Monday, JERA announced its first long‑term LNG export contract, agreeing to supply four cargoes per year for 10 years to India’s Torrent Power starting in 2027. [23]
- The structure allows JERA to monetize Japan’s seasonally lower LNG demand by selling into India’s summer peak, potentially smoothing TEPCO’s fuel cost profile.
The overnight earthquake also sharpened market focus on Japan’s energy infrastructure. While Tuesday’s quake caused evacuations and train disruptions, authorities reported no anomalies at nuclear plants, and power supply was restored by the morning. [24]
Investor view:
Utilities like TEPCO are trading at the intersection of energy security, decarbonization and disaster risk. Today’s turnover suggests investors are actively repricing that complex mix as nuclear restarts and LNG strategy evolve.
Mega‑Banks in Motion: MUFG, Japan Post Bank, SMFG, Mizuho
Mitsubishi UFJ Financial Group (MUFG, 8306)
Japan’s largest lender by assets, MUFG, saw nearly 29 million shares traded, though the stock dipped around 0.5%. [25]
Fresh news:
- The Yomiuri newspaper reported — and Reuters relayed — that Junichi Hanzawa, president of MUFG Bank, is set to become group president of Mitsubishi UFJ Financial Group next spring, marking a significant leadership reshuffle. [26]
- In the U.S., MUFG’s NY‑listed ADR just achieved an RS Rating above 80 on Investor’s Business Daily’s scale, a threshold often associated with price leaders in a bull market, though the ADR recently slipped below a prior breakout point, prompting caution about chasing the rally. [27]
Japan Post Bank (7182)
Japan Post Bank also appeared among the most active, rising roughly 2.2% to about ¥2,066, a fresh 52‑week high, on more than 12 million shares. [28]
- The bank has been in the spotlight since early 2025, when Japan Post Holdings announced plans to sell down its stake via a secondary share offering of up to ¥630 billion, part of a broader effort to unwind “parent–child” listings and boost free float. [29]
- With a forward dividend yield a little above 3% and modest dividend growth, according to Digrin, the stock continues to attract yield‑seeking investors in a still‑low‑rate domestic environment. [30]
SMFG and Mizuho
Sumitomo Mitsui Financial Group (8316) and Mizuho Financial Group (8411) also traded actively, though with more muted price moves. [31]
- Mizuho hosts a Power, Energy & Infrastructure Conference on December 9, which helps explain why some investors are rotating between banks and energy‑linked names on the same day. [32]
Takeaway:
Japan’s mega‑banks remain at the heart of the “re‑rating Japan” thesis. Leadership changes, stake sales and solid dividend profiles are encouraging global funds to keep trading these names heavily, even on a relatively quiet index day.
Chips, AI and Hardware: Kioxia, Kokusai, Fujikura and Friends
Semiconductor and AI‑adjacent names were again in focus, helped by a 0.75% rise in the Nikkei Semiconductor Stock Index and ongoing global interest in AI infrastructure. [33]
Kioxia Holdings
Kioxia remained one of Tokyo’s busiest tickers, even as the stock slipped about 2.7% to ¥9,875. [34]
- The NAND flash maker executed one of Japan’s largest recent IPOs in December 2024, raising roughly ¥120 billion and debuting at a valuation near ¥890 billion. Shares jumped double‑digits on day one, reflecting strong demand for chip exposure. [35]
- In May, Kioxia’s IPO was awarded “IPO of the Year” by DealWatch, which highlighted its leading share in sputtering targets and the company’s efforts to spotlight NAND growth and competitive advantages during the roadshow. [36]
Today’s pullback comes after a strong run and ahead of the Fed decision; traders appear to be locking in gains in more cyclical chip names while still trading them heavily intraday.
Kokusai Electric (6525)
Kokusai Electric, a specialist in semiconductor manufacturing equipment, surged about 6.5% to around ¥4,900, landing in the upper half of the most‑active list by value and volume. [37]
- The company has been reshaping its shareholder base: KKR has significantly reduced its stake, while Applied Materials is set to become the new largest shareholder, reinforcing strategic ties to global chip capex cycles. [38]
- Kokusai has also guided for solid earnings and dividends into FY2026 and completed a modest buyback and treasury‑share disposal program earlier this year, adding to its appeal as a liquid, growth‑oriented capital‑goods play. [39]
Fujikura (5803)
Fujikura — a century‑old cable and wiring specialist — continued to see strong turnover, rising modestly today after a spectacular year‑to‑date rally. [40]
- A FastBull analysis in October highlighted that Fujikura’s share price has more than doubled in 2025, driven by demand for AI data centers, EVs and next‑generation power infrastructure, turning the relatively obscure name into a “market star.” [41]
- In November, Fujikura raised its full‑year outlook following strong first‑half results, confirming that earnings are catching up with the re‑rating. [42]
With today’s small advance on rising volume, short‑term traders are watching for signs of exhaustion versus further upside as Japan’s electrification and AI investment cycle progresses.
Consumer & Tourism: Sanrio and Oriental Land Under Pressure
Sanrio (8136)
Sanrio, the company behind Hello Kitty, was one of the day’s biggest and most active losers: the stock dropped almost 6% to around ¥5,277, with more than 13 million shares traded — roughly double recent daily averages. [43]
Recent drivers:
- Sanrio shares have rallied hard in recent months on the back of better‑than‑expected Q2 FY2025 results and improved earnings and dividend forecasts, as highlighted in early November coverage. [44]
- In late November, a tech news analysis noted that Sanrio’s stock jumped over 3% in a single session as investors cheered a new share repurchase program. MarketWatch later reported that management had advanced that repurchase plan through November and early December. TechStock²+1
- Technical models at StockInvest still classify the stock as being in a falling short‑term trend despite recent rallies, projecting the possibility of double‑digit percentage downside over the next few months if momentum cools. [45]
Today’s sharp drop on huge volume looks like a classic position‑trimming and profit‑taking session in a crowded favorite, especially with macro risk rising and the Fed decision looming.
Oriental Land (4661)
Oriental Land, operator of Tokyo Disney Resort, also appeared among the most active names and ended lower by about 1.6%. [46]
- The stock has been under pressure since China issued a travel warning for Japan amid diplomatic tensions, an episode that triggered a broad sell‑off in Japan’s tourism‑related shares, including department stores, cosmetics makers and theme‑park operators. An analysis by the Financial Times estimated potential annual GDP losses of about ¥2.2 trillion if Chinese tourist flows were to drop sharply. [47]
With earthquakes, geopolitics and rate uncertainty all in play, tourism and consumer‑experience names like Oriental Land are remaining highly liquid but increasingly volatile.
Defense & Heavy Industry: Mitsubishi Heavy, IHI, Kawasaki
Defense‑linked heavy industrials again saw strong interest today: Mitsubishi Heavy Industries, IHI and Kawasaki Heavy Industries all featured among actively traded shares. [48]
- Mitsubishi Heavy (7011) rose around 1.1% today and has been one of the standout winners of Japan’s multi‑year defense build‑up. In May, the company forecast nearly 10% operating profit growth for the FY ending March 2026, driven largely by its aerospace and defense business, which it expects to see roughly 40% profit growth. [49]
- In August, Japan clinched a landmark A$10 billion (US$6.5 billion) deal with Australia for Mogami‑class frigates, marking the country’s most significant military export in decades and a major win for Mitsubishi Heavy. [50]
- Longer‑term defense procurement data show that government orders to Mitsubishi Heavy, Kawasaki and IHI have multiplied several‑fold since Japan began lifting defense spending toward 2% of GDP, cementing them as core beneficiaries of the new security doctrine. [51]
Today’s volumes reflect that global investors now treat these names as structural defense plays, not just cyclical industrials, with every macro or geopolitical headline pushing traders to recalibrate positions.
High‑Beta Trading Favorites: SoftBank, Nintendo, Fanuc & Co.
A few global “brand” names also saw active trading:
- SoftBank Group (9984) added 0.4% on strong volume as investors digested news that SoftBank and Nvidia are in talks to invest more than $1 billion in robotics‑AI startup Skild AI at a valuation around $14 billion, reinforcing SoftBank’s pivot toward AI and robotics. [52]
- SoftBank has also been linked to advanced talks to acquire U.S. data‑center and digital infrastructure group DigitalBridge, keeping speculation alive that the Japanese conglomerate is building a new portfolio of AI‑era infrastructure and software bets. [53]
- Nintendo (7974), Fanuc (6954), Advantest (6857) and Renesas (6723) all posted heavy turnover, with varying price moves, as traders used them as high‑beta vehicles to express views on global gaming, factory automation and AI chip demand. Fanuc, in particular, has been in focus since a sharp jump last week when strong JGB demand triggered a rally in Japanese equities and factory‑automation names. [54]
What to Watch Next
For traders and investors following Tokyo’s most active stocks, several near‑term catalysts stand out:
- Fed rate decision and guidance this week, which will shape global appetite for Japanese financials, high‑dividend shares and growth/AI names. [55]
- The Niigata regional assembly vote on TEPCO’s Kashiwazaki‑Kariwa Unit 6 restart by December 22, which could materially affect Japan’s energy mix and TEPCO’s earnings profile. [56]
- The evolution of post‑spin‑off trading in Sony Financial and JX Advanced Metals, both still relatively new listings that have attracted strong domestic and overseas interest. [57]
- Ongoing share buybacks and corporate governance reforms, from NTT’s massive repurchases to Sanrio and Japan Post Bank’s shareholder‑return strategies, which continue to reshape Japan’s equity market structure. [58]
Final Note
This article is intended for informational and news purposes only and does not constitute investment advice. Markets are volatile, and individual investors should consider their own financial situation and, where appropriate, consult a licensed advisor before making trading decisions.
References
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