Overview

• Japan’s Nikkei 225 set a new closing high on September 25 at 45,754.93, lifted by yen weakness and exporter gains.
• The dollar rose sharply with USD/JPY briefly in the high 149s overnight after an upgraded U.S. GDP print and firmer labor data.
• The U.S. economy’s April–June GDP was revised to a 3.8% annualized pace and initial jobless claims undershot forecasts, trimming near-term Fed cut bets.
• U.S. equities fell, with the Dow down 173.96 points and the Nasdaq lower, pressuring risk sentiment into the Tokyo open.
• Tokyo shares pulled back early on September 26, with the Nikkei down about 259 points at 9:15, as semiconductor names were sold even as parts of TOPIX hit intraday highs.