Tokyo Electron's earnings revision gave the opportunity for investors who were waiting to buy technology shares. Investors are turning positive toward technology companies.
We've got oil rising again and the yen strengthening, and that will trigger some selling in technology stocks as they have been the recent winners. We're going to see some investors locking in their recent gains.
Companies in Japan still have potential to boost their profits and investors are betting on the strength of the economy.
In the past, I think there had been low expectations for Kyocera's electronics parts business, so I think investors had gradually started to view it as one of the losers in the tech sector. In that sense, these earnings are a positive surprise.
Foreigners are selling and it seems that Japanese investors are also getting rid of stocks because they are worried about selling by foreigners.