Tokyo stocks mixed in morning as AI concerns ease, high oil prices weigh

Tokyo stocks experienced a mixed performance on Thursday morning, as worries about the future of artificial intelligence subsided, while high oil prices impacted investor confidence. The Nikkei Stock Average, comprising 225 issues, climbed by 177.09 points, or 0.28 percent, reaching 64,131.28 points. In contrast, the Topix index, covering a broader range of stocks, fell by 11.82 points, or 0.30 percent, settling at 3,979.89 points.

The U.S. dollar maintained a stable position around 157 yen, following the Federal Reserve's decision to keep interest rates unchanged during their policy meeting. At noon, the dollar was valued at 157.77-79 yen, aligning with the rates observed in New York and Tokyo earlier that day. Meanwhile, the euro was trading at $1.1149-1149 and 175.90-91 yen, compared to $1.1147-1157 and 175.95-176.05 yen in New York, and $1.1122-1123 and 175.49-53 yen in Tokyo the previous day.

Notably, shares of companies involved in AI and semiconductor industries experienced an increase, mirroring the positive performance of their U.S. counterparts. This positive sentiment was bolstered by impressive earnings reports from prominent tech firms like Microsoft and SK Hynix, which helped alleviate concerns about the sector's outlook.

However, the Nikkei index experienced a brief dip after South Korean tech giant Samsung Electronics announced earnings that were below market expectations during the morning trading session. Meanwhile, the surge in benchmark West Texas Intermediate crude oil futures, driven by heightened uncertainty surrounding the Middle East situation, created pressure on the broader market, resulting in the Topix index remaining mostly lower.