Tokyo opened with a dramatic green gap, but the semiconductor complex began to drift below VWAP while the broader market held.
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Tokyo Opening Dispatch · 10 November 2026 · 9:30–9:32 JST
English-first market observation for international readers.
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Japan’s benchmarks vaulted higher after Wall Street’s rebound. By 9:30, the broad market was still holding the gap—but several semiconductor leaders had already slipped below VWAP.
TOKYO — November 10, 2026, 9:32 JST
Tokyo opened above 60,000 this morning. The more revealing signal was what happened after the jump.
The Japan 225 surged from Monday’s 58,775.50 close and stood near 60,282.30 at the 9:30–9:32 snapshot, roughly 2.6% higher. TOPIX reached 3,896.96, about 2.1% above Monday’s close.
Neither benchmark immediately surrendered the gap. But the first thirty minutes were not a clean chase. The indices flattened near their highs while several semiconductor names faded beneath their own volume-weighted average prices.
| Instrument | Snapshot | Early message |
|---|---|---|
| Japan 225 | 60,282.30 | Huge gap held, but momentum flattened after 9:10 |
| TOPIX | 3,896.96 | Broad market held firmer; the screen moved to WATCH |
| USD/JPY | 158.023 | Stable near 158; currency was not the source of the chip fade |
| Advantest | ¥29,520 | Below ¥30,010 VWAP |
| Tokyo Electron | ¥8,951 | Below ¥9,019 VWAP |
| Kioxia | ¥8,802 | Below ¥8,922 VWAP |
| Furukawa Electric | ¥2,107.5 | Above Monday’s close, but below ¥2,133.6 VWAP |
| KOKUSAI ELECTRIC | ¥5,526 | Large gap held almost exactly at ¥5,530 VWAP |
| Sony Group | ¥4,308 | Relative strength, above ¥4,288 VWAP |
The distinction matters: the market was not reversing the overnight optimism. It was separating the opening gap from the quality of follow-through.
The Japan 225 printed a dramatic two-step rise into the cash open and then moved sideways. At 9:30, the current five-minute bar stood at 60,282.30 after opening at 60,350.79 and trading as high as 60,389.01.
TOPIX told a slightly stronger story. It held near 3,897 after a broad stair-step advance, and the custom screen showed 5/8 on radar and 7/10 on combat, with the status moving from WAIT to WATCH. The Japan 225 remained at 4/8 and 6/10 with no signal.
That relative difference suggests the morning was not merely an index-heavyweight squeeze. Breadth remained supportive even as the most visible chip names lost altitude.
Advantest opened near ¥30,300, then printed a sequence of red five-minute candles. By the snapshot it had fallen to ¥29,520, roughly 1.6% below its ¥30,010 VWAP.
Tokyo Electron followed the same basic pattern: a powerful opening jump, followed by softer candles and a price below VWAP. Kioxia also faded from its opening burst and stood at ¥8,802 versus an ¥8,922 VWAP.
This is not the same as a bearish collapse. All three stocks were still trading far above the previous afternoon’s levels. The correct reading is narrower:
Overnight enthusiasm created the gap. Domestic follow-through had not yet confirmed it.
KOKUSAI ELECTRIC was the cleanest exception inside the equipment group. After reporting second-quarter results on Monday, it opened sharply higher and held almost exactly around VWAP near ¥5,530. That is stronger than an immediate gap rejection, but still short of a fresh momentum signal.