Tokyo – December 9, 2025
- Nikkei 225 closed around 50,700, up about 0.2% after a choppy session. [1]
- Semiconductor and factory-automation names led the advance, with Disco, Yaskawa Electric, Fanuc and Lasertec among the strongest blue-chip movers. [2]
- Energy and auto‑related stocks also climbed, including Tokyo Electric Power Company (TEPCO), Yokohama Rubber and Sumitomo Electric. [3]
- Investors traded cautiously ahead of a widely expected U.S. Federal Reserve rate cut and a possible Bank of Japan hike later this month. [4]
Market snapshot: Tokyo holds firm near record territory
Japanese equities spent much of Tuesday in “wait and see” mode as global investors braced for a closely watched U.S. Federal Reserve meeting where a 25-basis‑point rate cut is now widely anticipated. Major houses including Nomura, J.P. Morgan and Morgan Stanley have shifted to expecting easing, even as they warn about a potentially divided Fed and a slower cutting cycle in 2026. [5]
Despite that caution, Tokyo’s Nikkei 225 ended the day modestly higher, up about 0.2% near 50,700, according to official index data and exchange feeds. [6] The broader Topix index hovered just above 3,380, keeping Japan’s equity market within touching distance of the record highs it has set several times in 2025. [7]
Overnight weakness on Wall Street left most Asian markets in the red, but Japan was a regional outlier: one Associated Press wrap described the Nikkei as the only major Asian benchmark in positive territory during the session, while a Reuters midday update noted that the index was briefly slightly negative before chip and factory‑automation stocks pulled it back. [8]
All this played out against a backdrop of:
- A 7.5‑magnitude offshore earthquake in northeast Japan on Monday, which triggered tsunami warnings and forced around 90,000 people to evacuate, but ultimately caused limited market disruption. [9]
- Expectations that the Bank of Japan could raise its policy rate from 0.5% to around 0.75% at its December 18–19 meeting, after leaving rates unchanged in October. [10]
With that macro backdrop, investors gravitated toward AI‑linked chip equipment makers, industrial automation plays and select energy and auto suppliers, creating a concentrated list of winners on the Tokyo Stock Exchange.
Today’s 10 biggest gainers on the Nikkei 225
According to Financial Times market data, these were the top 10 gainers among Nikkei 225 constituents on December 9, 2025, based on one‑day percentage gains as of 05:56 GMT. [11]
1. Konica Minolta (4902) – Imaging group leads the blue‑chip rally
Office equipment and imaging specialist Konica Minolta jumped just over 5% to roughly ¥675, topping today’s Nikkei 225 leaderboard. [12]
Recent corporate news has kept the stock in focus:
- The company is restructuring parts of its portfolio, including the sale of a healthcare IT subsidiary to U.S. AI firm Tempus in a US$600 million cash‑and‑stock deal, with updated contract terms on how some of that Tempus equity can be sold over time. [13]
- Analyst models compiled by Simply Wall St still assume flat to slightly declining revenue but a sharp rebound in earnings over the next few years as restructuring benefits flow through, with annual EPS growth projected in the mid‑60% range from a depressed base. [14]
Foreign‑listed ADRs of Konica Minolta also gapped higher in early December, underlining renewed global interest in the turnaround story. [15]
2. Disco Corporation (6146) – Chip‑equipment maker rides AI spending wave
Disco, a key supplier of precision cutting and grinding tools for semiconductor wafers, climbed nearly 4.9%. [16]
A Reuters midday report on Tokyo trading highlighted Disco as one of the main chip‑sector gainers, up about 5% as investors rotated back into AI hardware plays. [17]
Fundamentally:
- Disco’s latest quarterly results showed modest sales growth but a higher net income margin, even as equipment shipments dipped after a peak period. [18]
- The company has guided for steady earnings through the current fiscal year, banking on renewed capex cycles as global chipmakers expand capacity for AI and high‑bandwidth memory. [19]
With governments and cloud providers racing to secure advanced semiconductor capacity, equipment specialists like Disco are seen as leveraged beneficiaries of the AI build‑out.
3. Kawasaki Heavy Industries (7012) – Hydrogen and aerospace story in focus
Industrial conglomerate Kawasaki Heavy Industries gained about 4.6%, extending a powerful rally that began after its November earnings. [20]
Those results showed:
- Record first‑half revenue of roughly ¥996 billion, up more than ¥100 billion year‑on‑year.
- A 22% one‑day jump in the stock price on the earnings release as the company raised its full‑year revenue forecast, despite slightly softer operating profit. [21]
This month, Kawasaki also announced fresh progress in its liquefied hydrogen infrastructure, including technical certification for a ship‑shore coupler system that underpins its vision for a commercial hydrogen supply chain. [22]
Together, those updates have strengthened the narrative of Kawasaki as a dual play on decarbonisation and advanced aerospace/defence, attracting both growth and ESG‑oriented investors.
4. Shionogi (4507) – Pharma name climbs on pipeline and M&A buzz
Pharmaceutical group Shionogi rose roughly 4.4% to around ¥2,800. [23]
Recent catalysts include:
- First‑half FY2025 results and investor presentations outlining a refocused pipeline, plus improved use of AI in R&D and mental-health tools. [24]
- A deal to take over Japan Tobacco’s pharmaceutical business, expanding Shionogi’s therapeutic franchises in areas such as infectious disease and specialty care. [25]
Longer‑term performance has been relatively steady: one dividend‑focused analysis estimates capital gains of around 40% over the past decade, underscoring Shionogi’s reputation as a defensive growth stock with a solid dividend track record. [26]
5. Yaskawa Electric (6506) – Robotics beneficiary of “physical AI”
Factory‑automation specialist Yaskawa Electric advanced about 4.2%, continuing a strong 2025 run built on robot and drive‑system demand. [27]
In early October, management:
- Raised its full‑year forecast despite flat headline revenue, citing robust orders for motion‑control systems and industrial robots.
- Flagged a jump in capital expenditure to roughly ¥55 billion for FY2025, alongside higher R&D spending. [28]
The stock has also benefited from broker upgrades, with at least one major house raising Yaskawa to “Buy” this autumn on the back of accelerating global automation trends. [29]
6. Fanuc (6954) – Robot giant extends year’s 50%+ rally
Industrial robot maker Fanuc added close to 3.8%, keeping its share price near multi‑year highs after a roughly 50% rally in 2025. [30]
Recent analysis points to:
- Strong order growth in factory automation, helped by a renewed upturn in machine‑tool demand from September to October. [31]
- New AI‑powered collaborations, including work with Nvidia on robots that can understand voice commands – feeding into the “physical AI” narrative that links Japan’s industrial champions to the global AI boom. [32]
At the same time, valuation metrics look stretched on some models, with at least one research piece warning that Fanuc’s share price may be running ahead of its long‑term earnings trajectory. [33]
7. Lasertec (6920) – EUV inspection leader rebounds sharply
Lasertec, a key supplier of inspection tools for cutting‑edge chipmaking, climbed around 3.4% to just under ¥33,000. [34]
The stock has staged an extraordinary comeback in 2025:
- After a 59% drop in 2024, Lasertec has rebounded more than 70% this year, roughly doubling from about ¥15,000 to near ¥30,000 in just two months, fuelled by optimism about AI‑driven chip demand and its dominant position in EUV inspection. [35]
- Despite a more modest revenue growth outlook (low‑single‑digit annual percentage gains), analysts still see very high forecast returns on equity, near 28% in three years, reflecting its high‑margin niche. [36]
Global headlines about massive AI‑chip investment and experimental new EUV light‑source technologies have kept attention on the entire advanced‑lithography supply chain. [37]
8. Tokyo Electric Power Company Holdings – TEPCO (9501)
Utility TEPCO gained about 2.7%, a notable move for a typically defensive stock. [38]
The company is at the centre of several big energy stories:
- A regional assembly is set to vote this month on whether to restart the Kashiwazaki–Kariwa nuclear plant’s Unit 6, which would mark TEPCO’s first nuclear restart since Fukushima and could eventually boost power supply to Tokyo by about 2%. [39]
- TEPCO has also signed a 20‑year virtual power purchase agreement in Singapore, committing to supply clean energy to data centres – a sign of its push into cross‑border green‑power solutions. [40]
Even so, one recent analysis cautions that the stock has been volatile, dropping about 26% over the past month despite a still‑healthy 12‑month gain, and flags ongoing risk around nuclear restarts and balance‑sheet strength. [41]
9. Yokohama Rubber (5101) – Auto‑parts maker rides solid earnings
Tyre and auto‑parts group Yokohama Rubber rose roughly 2.6%, trading a little above ¥6,200. [42]
The move builds on strong fundamentals:
- The company’s nine‑month results for 2025 showed about a 12% increase in sales revenue, and management reiterated guidance for nearly 13% full‑year growth. [43]
- Analysts highlight tight global tyre supply, rising demand for premium products, and steady dividend growth as reasons the stock has weathered currency volatility relatively well. [44]
10. Sumitomo Electric Industries (5802) – Quiet compounder with earnings and dividend momentum
Rounding out the top 10, Sumitomo Electric gained about 2.5%. [45]
The diversified manufacturer of cables, components and automotive systems has delivered:
- Revenue of roughly ¥4.68 trillion in 2024, up about 6% year‑on‑year, and a near‑30% jump in earnings. [46]
- A market capitalisation above ¥4.4 trillion as of late November, reflecting a significant re‑rating over the past year. [47]
- An annual dividend of about ¥118 per share with a payout ratio just over one‑third and solid year‑on‑year dividend growth, positioning it as a consistent income name within Japan’s industrial complex. [48]
Beyond the Nikkei 225: Small- and mid‑cap standouts on the Tokyo market
Away from the headline index, smaller companies on the Tokyo Stock Exchange posted even larger percentage moves:
- Auto interior and components supplier Kasai Kogyo surged more than 9%, according to TradingView’s list of top Japanese gainers. [49]
- Tech‑services and digital‑transformation names such as MAMEZO Digital Holdings and Information Strategy and Technology climbed between 7–8%. [50]
- Machinery makers and specialty manufacturers – including Dainichi, Tsugami and several niche process‑industry suppliers – posted gains in the 5–8% range, often on modest news flow but supported by improving order trends and local retail interest. [51]
Many of these stocks trade on lower liquidity and can be sensitive to technical flows or short‑covering, so their big daily moves need to be seen in that context. Still, the pattern reinforces a broader 2025 theme: investors are increasingly willing to look beyond mega‑caps to mid‑tier industrial and tech names that benefit from Japan’s capex and reshoring cycle.
Why chip and automation names dominate today’s winners
Today’s leaderboard fits neatly into a narrative that has been building all year:
- AI and semiconductor demand
- A global shortage of memory and AI‑related chips has pushed up prices and sparked a scramble for production capacity, benefiting equipment suppliers across Asia. [52]
- Japanese toolmakers like Disco, Lasertec, Tokyo Electron and Advantest are central to this supply chain, and have repeatedly led Nikkei rallies when global AI optimism spikes. [53]
- “Physical AI” and industrial robotics
- Companies such as Yaskawa and Fanuc sit at the intersection of AI and the real economy, supplying robots and automation systems to factories worldwide.
- Recent commentary notes surging robot‑maker gains – with Fanuc and Yaskawa each jumping more than 8% in some sessions – as manufacturers invest in automation amid labour shortages and AI‑enabled production. [54]
- Energy security and the data‑centre boom
- TEPCO’s moves in nuclear restarts and long‑term power contracts, including PPAs for data centres, reflect how Japan’s energy strategy is being reshaped by AI‑driven electricity demand and sustainability targets. [55]
The combination of these trends means that AI, automation and energy infrastructure have become the structural themes underpinning many of Tokyo’s biggest daily winners.
How today’s action fits into the 2025–2026 Japan-equities story
Beyond single‑day moves, international strategists continue to argue that Japan remains one of the most interesting developed markets heading into 2026:
- A 2026 outlook from Invesco highlights that both the Nikkei 225 and Topix hit record highs in 2025, helped by pro‑growth policies from Prime Minister Sanae Takaichi, stronger wage growth and improving domestic consumption. [56]
- Money magazine notes that several large Japanese names – including Advantest and Mitsubishi Heavy Industries – have outpaced even Nvidia so far this year, thanks to their positioning in AI, defence and industrial technology. [57]
Crucially, corporate governance reform and capital‑efficiency pressure from the Tokyo Stock Exchange (TSE) are seen as structural drivers:
- The TSE’s “cost of capital and stock‑price conscious management” initiative explicitly urges companies trading below book value to improve profitability, use excess cash more efficiently and communicate better with shareholders. [58]
- Research from Schwab, WisdomTree and others points to record share buybacks, rising dividends and still‑moderate valuations versus U.S. equities, suggesting there may be further room for re‑rating if earnings hold up. [59]
At the same time, bond‑market moves and BoJ signalling show that Japan is slowly normalising interest rates. Government bond yields have climbed to multi‑year highs as traders bet on at least one more BoJ hike, even while the central bank proceeds cautiously. [60]
Taken together, today’s pattern – tech‑plus‑industrial strength, select utilities and auto‑parts gains, and a market that grinds higher despite global uncertainty – looks very much like a microcosm of Japan’s broader 2025 story.
Risks and what to watch next
For traders and longer‑term investors alike, several risks loom over today’s upbeat tape:
- Central bank surprises – A less‑dovish‑than‑expected Fed this week, or a more aggressive BoJ hike later in December, could pressure high‑valuation growth stocks and banks simultaneously. [61]
- AI and chip‑cycle volatility – Much of the gains in Disco, Lasertec, Fanuc and Yaskawa are tied to AI‑driven demand. Any slowdown in cloud capex, export‑control shocks or prolonged chip oversupply down the line would hit these names hard. [62]
- Energy and nuclear policy risk – TEPCO’s nuclear restart plans could unlock upside if successful, but political or safety setbacks would likely trigger renewed volatility and reputational scrutiny. [63]
For now, though, December 9, 2025 will go down as another session where Tokyo’s winners’ list was dominated by AI‑linked chip equipment, high‑spec factory automation and energy infrastructure – with a supporting cast of steady industrials and auto suppliers.
Important note:
This article is for informational and journalistic purposes only. It is not investment advice, an offer, or a recommendation to buy or sell any security. Markets move quickly, and all prices and percentage changes described above are approximate and time‑stamped for December 9, 2025, based on delayed public data. Always do your own research and consider seeking independent financial advice before making investment decisions.
References
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