Tokyo stocks mixed in morning on AI development concerns, buybacks
TOKYO (Kyodo) -- Tokyo stocks were mixed Tuesday morning amid lingering concerns over a slowdown in artificial intelligence development, but buybacks
Tokyo stocks experienced a mixed performance on Tuesday morning due to concerns surrounding the pace of artificial intelligence development, although recent buybacks in underperforming stocks provided some support. The 225-issue Nikkei Stock Average climbed 589.37 points, or 0.93 percent, to reach 64,082.36, while the broader Topix index declined by 1.15 points, or 0.03 percent, to 4,057.06.
The U.S. dollar strengthened to the upper 154 yen range in Tokyo, reflecting speculation of the Federal Reserve initiating rate hikes at its upcoming policy meeting. At noon, the dollar traded between 154.80-81 yen and 154.27-37 yen, compared to previous rates of 154.27-37 yen and 154.39-40 yen. Meanwhile, the euro was quoted at $1.1541-1541 and 178.65-67 yen, against earlier rates of $1.1544-1554 and 178.21-31 yen in New York.
Stocks initially opened lower, mirroring the losses from the previous evening's Wall Street decline after several high-ranking executives of U.S. AI firms advocated for a slowdown in AI development. Despite this, the tech-focused Nikkei index quickly recovered as the news about AI development gradually became incorporated into investor sentiment.
Additionally, buybacks in SoftBank Group, following a decline on the previous day, also bolstered Tokyo stocks.
Written by urgent.news from The Mainichi's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
