In this wave of gains in Japanese stocks, semiconductors remain the most eye-catching theme.

The Nikkei 225 closed up 1.38%, with semiconductor-related stocks remaining active. The combination of keywords such as the AI industry chain, advanced manufacturing, and equipment demand continues to keep Japan’s semiconductor sector highly topical.
But a problem also emerges: the hotter the gains, the less we can focus only on whether the “theme is good”; we also need to consider whether “the price is too high.”
The biggest advantage of semiconductors is that the industry trend is relatively clear. As AI computing power continues to expand, segments such as advanced processes, chip equipment, and materials may all receive demand support. But the other side is also obvious—once large amounts of capital accumulate in popular assets, volatility naturally will not be small.
Looking at real estate and power in turn, although they are not as “sexy” as semiconductors, each has its own logic. Real estate is more easily affected by changes in interest rates and asset prices, while power may benefit from AI data centers, electrification, and long-term energy demand.
Therefore, this round of gains in Japanese stocks may not simply be about “whoever rises the most is the main theme,” but rather about different pools of capital seeking a new balance among different industries.
If you have already been watching semiconductors, would you choose to continue chasing strength now, or wait for the market to cool down a little?
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