Energy and Commodities Lead Tokyo Rebound as Tech Stocks Face Selling Pressure — October 26, 2026

Market Overview

Tokyo equities staged a broad but uneven session on October 26, 2026, with energy, trading companies, and real estate stocks powering gains while semiconductor and technology-related names came under significant pressure. The day’s trading reflected a clear rotation dynamic, with investors gravitating toward commodity-linked and value-oriented sectors while pulling back from growth and chip-exposed plays. The divergence between the top gainers and decliners underscored a market navigating competing macro narratives.

Top Gainers

Energy names dominated the leaderboard, with INPEX Corporation (1605) surging +4.90% to claim the day’s top spot among Nikkei 225 constituents. ENEOS Holdings (5020) also advanced +3.42%, reflecting broad strength across the oil and gas space. Mitsubishi Corp (8058) climbed +4.14% and Sojitz Corporation (2768) added +3.77%, with trading houses benefiting from the commodity-friendly environment. On the construction side, Obayashi Corp (1802) gained +3.86%, while Mitsui Fudosan (8801) rose +3.51% in a solid session for real estate. Cybersecurity firm Trend Micro (4704) bucked the broader tech selloff with a notable +4.20% advance, standing out as a rare bright spot in the technology space. Toho Co. Ltd (9602) and Takashimaya Co. (8233) rounded out the gainers, posting rises of +3.52% and +3.17% respectively.

Top Decliners

The session proved painful for semiconductor and electronic components stocks. Mercari Inc (4385) led losses with a steep decline of -6.21%, the sharpest drop among index members. Chipmakers and related equipment suppliers bore the brunt of selling, with Screen Holdings (7735) falling -4.34%, Advantest Corp (6857) shedding -3.93%, and Tokyo Electron (8035) retreating -3.68%. Renesas Electronics (6723) dropped -3.57% and SUMCO Corporation (3436) lost -3.51%, extending a broad-based pullback in wafer and chip-related names. Japan Steel Works (5631) slipped -3.86%, while Mitsubishi Heavy Industries (7011) eased -3.15% in a soft session for industrials.

Sector Snapshot

The sectoral breakdown painted a vivid picture of the day’s risk rotation. Mining was the clear outperformer, surging +4.90%, followed by Trading Companies (+3.01%), Gas (+2.91%), and Oil & Gas (+2.91%). Shipping (+2.31%), Real Estate (+2.17%), and Construction (+2.15%) also posted meaningful gains, suggesting appetite for infrastructure- and commodity-adjacent exposure. Defensive sectors including Pharmaceuticals (+0.73%), Banks (+0.52%), and Food (+0.83%) edged modestly higher.

On the downside, Nonferrous Metals (-1.51%) was the weakest sector of the day, followed by Electrical Equipment (-0.78%), Shipbuilding (-0.90%), and Air Transportation (-0.70%). Securities (-0.46%) and Machinery (-0.33%) also declined, reflecting broader caution toward cyclical and growth-oriented industries. The contrast between energy sector strength and tech/equipment weakness was the defining theme of the session.

Source: Tokyo Stock Exchange data | Japan Economic News