#日股地产电力半导体板块走强

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Today I’d like to discuss a noteworthy phenomenon in Japan’s stock market—the simultaneous strength of the real estate, power, and semiconductor sectors.

The Nikkei 225 Index has continued to rise recently, gaining for the third consecutive trading day. The real estate sector’s confidence comes from its fundamentals. Japan’s nationwide benchmark land prices have risen for five consecutive years, with the Tokyo metropolitan area up 5.4% and the Osaka metropolitan area up 3.6%. Rising land prices directly increase developers’ asset values while supporting higher rents, and earnings expectations for leading companies such as Mitsui Fudosan and Mitsubishi Estate continue to improve.

The power sector’s logic is deeply tied to AI infrastructure. New data centers and semiconductor factories are driving Japan’s electricity demand to grow for the first time in 20 years. Hokkaido Electric Power and Kyushu Electric Power are seeing particularly notable increases in electricity consumption due to the industrial clusters formed around TSMC’s factories.

The semiconductor sector is the strongest engine of this market rally. Japan’s annual semiconductor equipment sales are expected to surpass ¥6 trillion for the first time, while shipments of chipmaking equipment rose 47.4% year on year in August. Kioxia Holdings’ share price has risen more than ninefold this year, with its market capitalization surpassing Toyota’s to become Japan’s largest.

Real estate relies on asset revaluation, power on demand expansion, and semiconductors on the AI computing-power boom. Their underlying rationales differ, but all point to a profound transformation in Japan’s economic structure.