Japan and Korea Finally Joined the Repair
Japan and Korea, which had lagged the prior repair, took the baton on July 10. Nikkei 225 rose 1.2%, SoftBank Group 10.7%, Fujikura 4.3%, Lasertec 3.2%, Tokyo Electron 2.7%, and Advantest 2.3% (source: JPX, July 10, 2026 close).
Korea showed even broader participation. KOSPI rose 2.5%, KOSDAQ 5.5%, Samsung Electronics 2.5%, and Samsung Electro-Mechanics 6.1%, while SK hynix slipped 0.3% (source: KRX, July 10 close). Compared with the broad July 8 decline, indexes, small-cap technology, and most large names had turned into repair, although the memory leader did not lead.
The U.S. close added confirmation. Nvidia rose 4.0%, AMD 2.0%, SMH 0.5%, QQQ 0.3%, and SPY 0.4%, while VIX fell 5.1% to around 15.0 (sources: Yahoo Finance and Cboe, July 10 close). Nvidia carried the strongest move; the semiconductor ETF and broad indexes advanced much less.
A-Shares Gave Back the Breadth
A-shares moved the other way. CSI 300 fell 2.0%, CSI 500 1.7%, and CSI 1000 1.2%. Naura Technology lost 8.8%, Dongshan Precision 7.3%, GigaDevice 7.8%, Biwin Storage 7.3%, Longsys 5.2%, and Shengyi Technology 5.1% (sources: China Securities Index Co., Shanghai Stock Exchange, and Shenzhen Stock Exchange, July 10 close).
Equipment, materials, PCBs, and memory had risen together one session earlier. Most representative names then gave back a substantial part of that move. The July 9 A-share rally still looked more like a high-beta pulse than stable multi-session sponsorship.
TWSE’s public July trading record did not provide a fresh July 10 close, so the monitored Taiwan names are excluded from the day’s cross-market comparison. That gap also limits any claim of full Asian confirmation.
The Other Side
The constructive reading is that repair spread from parts of the U.S. and Taiwan into Japan and Korea, while VIX returned to around 15. Global risk appetite was reassembling. The cautious reading is that A-shares reversed within a day, SK hynix did not participate, and SMH rose only modestly. The relay still depended on a few high-beta leaders.
The week’s final structure was asymmetric: synchronized selling happened quickly, while repair arrived market by market and layer by layer. July 10 had more breadth than July 8, but not stable alignment. The next confirmation is whether the following week can reduce the pattern of one market taking the baton as another gives it back.
Sources: JPX, KRX, Yahoo Finance, Cboe, China Securities Index Co., Shanghai Stock Exchange, Shenzhen Stock Exchange, and TWSE. The data window is each market’s July 10, 2026 close. Monitored Taiwan names are excluded because TWSE’s public July record did not provide a comparable fresh July 10 close. Coverage is limited to major indexes and selected semiconductor instruments, not a full-market scan. This piece is a personal observation and does not constitute investment advice.