[Market Recap] Nikkei Rallies 3 Days Straight to 68,308, TOPIX Hits Fresh Record as Chip and AI Stocks Lead [2026/8/13]

Hey everyone, Hirokichi here.

Let’s take a look back at Japan’s stock market today (August 13, 2026). The Nikkei 225 rallied for a third straight session and climbed back above the 68,000 mark, while the TOPIX (Tokyo Stock Price Index) hit a fresh record high for another day running. It was a strong session across the board. Let’s walk through what drove the move and what’s worth watching from here.

Nikkei rallies 3 days straight, back above 68,000 for the first time in about a month

The Nikkei 225 closed on the 13th at 68,308.59 yen, up 784.53 yen (+1.16%) from the previous day. During the morning session the gain briefly topped 1,000 yen, and on a closing basis the index is back above 68,000 for the first time in roughly a month.

Lining up the last three sessions shows just how strong the momentum has been.

Aug 11: 66,970.22 yen
Aug 12: 67,524.06 yen (+553.84 yen)
Aug 13: 68,308.59 yen (+784.53 yen)

That’s a gain of more than 1,300 yen over two sessions, with barely any pullback along the way — a sign that buying has been steady and continuous.

TOPIX keeps setting fresh record highs

The TOPIX (Tokyo Stock Price Index), the other major benchmark alongside the Nikkei, has also been strong. This index tracks the broader Prime Market and has been setting fresh record highs for several days running, staying near its highs again on the 13th. While the Nikkei tends to get pulled around by a handful of high-priced chip stocks, the TOPIX is more of a gauge for how broadly the whole market is being lifted. Seeing both indexes move up together, in my view, is a sign that buying is spreading well beyond a handful of names.

What’s behind the rally: cooling US rate-hike bets after CPI, buying in AI and chip stocks

The biggest driver behind today’s gains was the strong tone on Wall Street. July’s US Consumer Price Index (CPI, a gauge of price changes) came in right in line with expectations, which eased worries about further Fed rate hikes (concern that the Fed might raise interest rates). That fueled buying in US tech stocks, and the momentum carried straight through to Tokyo. For a deeper look at the CPI data and the Fed’s (Federal Reserve, the US central bank) reaction, I put together a separate explainer article — worth a read if you want the details.

AI and semiconductor-related names were especially strong. These companies tend to get rewarded for earnings growth, and they also tend to attract more buying once the rate environment settles down. Most of today’s gain in the Nikkei came from a handful of high-priced chip stocks doing the heavy lifting.

Also worth watching: BOJ rate-hike expectations and a tug-of-war in the currency market

Another thing worth keeping an eye on is the Bank of Japan’s (BOJ) policy path. According to reports including Bloomberg, the BOJ is said to be considering a rate hike at its September or October policy meeting, and the Takaichi administration — which had previously been cautious about early hikes — is now reported to support an early move, in order to preserve the effectiveness of the coordinated Japan-US currency intervention.

Meanwhile, the dollar-yen rate traded around 159 yen in Tokyo on the 13th. Safe-haven dollar buying tied to tensions in the Middle East and risk-off yen buying were pulling in opposite directions, leaving the pair without a clear trend. BOJ rate-hike expectations would normally tend to push the yen stronger, but with geopolitical risk and other factors also in the mix, the yen didn’t strengthen sharply today. The tug-of-war between rates and the currency looks set to remain a market theme for a while.

Stock in focus: TOPPAN briefly hits limit-up on strong earnings

Among individual names, TOPPAN Holdings (a major printing company) drew attention. Its April-June net profit came in at 2.3 times what it was a year earlier, and the stock briefly hit limit-up (the maximum allowed daily gain) on the news. With earnings season in full swing, this kind of stock-picking around strong results looks likely to continue for a while.

What’s next: three things I’m watching

Looking ahead, here are the three things I’m personally keeping an eye on.

(1) BOJ timing: whether the hike comes in September or October, and how rates and the yen react
(2) US monetary policy: other data beyond CPI, like the jobs report, still needs watching
(3) Earnings-season stock-picking: whether money keeps flowing into names with strong results or raised guidance

The indexes are on a strong run, but with gains this large, a short-term pullback wouldn’t be surprising. I think the key, especially when things are going well, is not to get too caught up in short-term moves and just keep steadily following your own investment plan.

You can catch up on how the market looked the day before (August 12) in this recap if you’d like to follow the thread.

Let’s keep at it, slow and steady. See you next time!

* This article is for informational purposes only and does not recommend any specific investment. Please make investment decisions at your own responsibility.

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