Nikkei 225 falls 0.4%, Topix gains 1.5% at morning close

The Nikkei–Topix split is the signal here: weakness concentrated in large-cap exporters while the broader market advanced points to rotation rather than broad risk-off selling. That distinction matters for anyone reading Tokyo as a proxy for global risk appetite, since a headline index decline can mask underlying breadth. Whether the divergence persists through the session — or narrows as exporter weakness spreads — is the open question worth tracking.