Nikkei Faces Dividend Test After Five-Day Rally

The Nikkei 225 is poised to face a dividend test on September 28, as investors weigh strong momentum in artificial intelligence and semiconductors against dividend-related trading, a weak yen, high bond yields, and uncertainty over the Bank of Japan's next move. The final trading day for many September-end dividend rights is expected to shape the session, with investors needing to hold shares through the September 28 close to receive interim dividends or shareholder benefits for companies with record dates on September 30.

Banks, insurers, trading houses, manufacturers, and other high-dividend names are expected to see increased demand, making the dividend theme a key focus for September 28. The Nikkei has already moved sharply from its mid-September lows, with the index reclaiming 65,000 after Silver Week and moving above 66,000 on September 25, supported by chip shares, banks, and renewed confidence in global AI demand.

The next test will be whether the Nikkei can hold above 66,000 and make another attempt toward the upper 66,000 range.

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