Japan's Nikkei ends at 6-month high, tracking Wall Street rally
[TOKYO] Japan's Nikkei share average closed at a six-month high on Friday (Jun 27), as technology stocks tracked Wall Street's robust finish overnight.
The Nikkei jumped 1.43 per cent to 40,150.79, its highest closing level since Dec 27. The index rose 4.6 per cent for the week, its sharpest weekly gain since the week of Sep 23, 2024.
The broader Topix rose 1.28 per cent to 2,840.54, gaining 2.5 per cent for the week.
'Investors finally became willing to make long positions on US stocks, underpinned by positive news around easing tensions in the Middle East and expectations for the interest rate cut,' said Takamasa Ikeda, senior portfolio manager at GCI Asset Management.
'Japanese equities mirrored the US trend, led by stocks which are popular among foreign investors.'
Overnight, Wall Street finished higher, with the S&P 500 and the Nasdaq just shy of record closing highs as the Israel-Iran ceasefire continued to hold and a raft of economic indicators appeared to support the case for the Federal Reserve lowering borrowing costs this year.
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In Japan, technology stocks rose, with chip-making equipment maker Tokyo Electron jumping 4.3 per cent to boost the Nikkei the most. Tech start-up investor SoftBank Group rose 2.54 per cent.
Defence-related stocks Kawasaki Heavy Industries and Mitsubishi Heavy Industries rose 6.15 per cent and 2.71 per cent, respectively, on expectations of increased defence spending in Japan.
Bucking the trend, chip-testing equipment maker Advantest lost 1.07 per cent, weighing the most on the index, as investors booked profits from its more than 40 per cent rise this month.
'Still, the rally on overall IT-related shares will continue. The market is just relocating their targets,' Ikeda said.
Of the more than 1,600 stocks trading on the Tokyo Stock Exchange's prime market, 72 per cent rose, 24 per cent fell and 2 per cent traded flat. REUTERS
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Even food kiosks located in areas with high footfall have been felled. Har Har Chicken, which sells prawn paste chicken, closed its three outlets barely a year after its debut. Pain points In 2024, the number of food businesses that went belly up – 3,047 – was an almost 20-year high. It was surpassed only in 2005, which saw 3,352 closures. Still, more than 3,790 new food businesses started up in 2024, according to the Accounting and Corporate Regulatory Authority (Acra). The numbers for 2025, which run until May, seem to indicate things are better. In those five months, 1,642 new food businesses started up, compared with 1,568 in the same period in 2024. Closures in 2025 have so far totalled 913, compared with 1,348 as at end-May 2024. In January 2025, the number of closures amounted to all of three, but this figure jumped to 612 in February. 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For chef Dylan Ong, 38, who owns The Masses and Choon Hoy Parlor, both at Capitol Singapore, the bugbears are high operating costs, the manpower crunch and competition from overseas brands coming to Singapore. Indeed, competition comes not just from overseas brands. F&B chat groups are rife with complaints about private dining businesses. Operators turn their homes into mini restaurants and cafes, with some charging as much as, if not more than, restaurants. And yet, they do not have to contend with high rents, strict scrutiny from regulatory bodies and other obligations registered businesses have to deal with. The wanderlusting Singaporean is not helping either, with the strong Singapore dollar prompting people to spend overseas. Ms Bing Blokbergen-Leow, 51, who runs GastroSense, a brand and communications consultancy with mainly F&B and hospitality clients, says: 'People dining out often don't see value, which has been a problem in our industry for a long time. When overseas, a simple piece of cake or a cup of coffee feels more worthwhile, partly because they may be cheaper. 'But here, those same items don't seem to carry the same value, and consumers are hesitant to spend the money to enjoy them. In other markets, restaurants with accolades are doing well. Cities like Bangkok, for example, offer a more vibrant scene at lower prices, reinforcing the perception that Singapore lacks the same value.' Global tensions – including uncertainties over trade and pending tariffs, the ongoing Russia-Ukraine war and Israel-Iran conflict – have made people cautious about spending. Mr Daniel Sia, 49, managing partner of The Coconut Club in Beach Road and culinary director of The Lo & Behold Group, says: 'We observe diners are more price-sensitive due to global uncertainties and the rising cost of living. Consumers are cutting back on their expenses and looking for more affordable options to stretch their dining dollar.' It starts here First to smell trouble are the companies that supply restaurants with ingredients, crockery and cutlery, dishwashing detergent and publicity. Mr Bryan Lian, 36, runs Shiki, a supplier of high-end seafood, meat and other ingredients to about 200 restaurants here. He says the trajectory goes like this: A restaurant starts by ordering less, 70 per cent of what it used to order, then slides down to 50 per cent and lower. Then it switches from line-caught Japanese fish to net-caught and then farmed fish; from chilled beef to frozen. 'It starts here,' he says, adding that the slide in orders, for his company, began in 2024. For Jewel Coffee, which supplies coffee beans, oat milk and other drink products to cafes, restaurants and companies, the slide started in the second half of 2022. Proprietor Adrian Khong, 56, says t hat year began well. Singapore was opening up after pandemic restrictions were lifted, and revenge spending was in full swing. Cafes ordere d coffee beans twice a month. By the end of 2022, it was once a month, then it slid down to once every five weeks. Now, he says, cafes might order beans only once every two months. Ms Gwen Lim, 51, whose B.A.O. (Bakery Artisan Original) supplies bread, pastries and cakes to chain cafes, restaurants and hotels, has seen orders decrease since the start of 2024. 'Clients are asking for better pricing,' she says. 'But we're really not able to, because we have to pay for skilled bakers. So eventually, they go to another supplier, even if the items are of lower quality.' Bad debts, rarer in the days before Covid-19, are more common now, suppliers say. About 5 per cent of his clients defaulted on paying in 2024, says Jewel Coffee's Mr Khong. These included a grocery chain his company supplied oat milk to . He threatened to take it to the Small Claims Tribunals, which hears cases for claims up to $30,000, and the business paid up. Mr Khong lost a five-figure sum to an e-commerce platform being investigated for not paying vendors. Shiki's Mr Lian says he has stopped giving credit to new restaurants getting ingredients from him. It is now cash on delivery, and he does research on a restaurant and its chef before agreeing to supply them. Before, a restaurant might get three to four months' worth of credit. 'So, let's say they roll with us for three to four months,' Mr Lian says. 'Then when they are unable to repay, or when we stop supplying them, they go to another supplier. They get credit from the new supplier, and then they pay us what they owe for one month. This has become prevalent. Before Covid-19, it wasn't a problem.' He says that in 2024, default payments amounted to a low six-figure sum. 'If one or two more restaurants had defaulted, it would have been a very big problem for us.' Aside from Small Claims Tribunals, creditors have also been known to go to the High Court. In June 2025, poultry supplier Toh Thye San Farm applied to the High Court to wind up The Banana Leaf Apolo. The application is scheduled to be heard in court in July, but the chain, started in 1974 with outlets in Race Course Road, Sixth Avenue and Little India Arcade, continues to operate. Mr Lian says there are also debt collection companies which will send someone to sit outside a restaurant until people pay up. Depending on how much is to be collected and how difficult it is to extract the money, the company gets a 20 to 50 per cent cut. Sometimes, the owner or chef simply vanishes, he says, adding that a Japanese chef running a restaurant in the Central Business District (CBD) left Singapore and a trail of debts behind him. Mr Alvin Gho and Mr Ian Lim, who run Raw Wine, which supplies hotels and restaurants, say they are hit on both sides. They also run Wine RVLT, a gastro wine bar in Carpenter Street. Wine RVLT and Raw Wine co-founders Alvin Gho (left) and Ian Lim are closing RVLT after eight years because the business had become unsustainable. As wine suppliers, they have also been hit by fewer orders and clients who do not pay on time. PHOTO: RVLT They have seen orders decrease across the board, and even luxury hotels are ordering less, and less expensive bottles, they add. 'They're all dragging with payment,' says Mr Gho, 44. 'Some go four to six months in being late. You find yourself having to chase for payme nt all the time. Sometimes, there are three or four invoices outstanding, and they pay one. Then you push again, and they pay one more.' He says this means he has to delay payments to the wineries whose wares he carries, but the company is reluctant to take away the credit it gives its clients. Mr Lim, 41, says: 'We work with a lot of the smaller guys. These are relationships we've built over the years. So we try to be flexible when we can. We understand their situation.' That is because both of them are living it. They are shutting Wine RVLT on July 12 after eight years. They did not renegotiate a new lease with the landlord, since operating costs have made the business unsustainable. What restaurant owners are wanting from their branding consultants has changed too. Ms Blokbergen-Leow says: 'The focus has shifted from long-term strategic planning and brand building to raising immediate awareness and media engagement.' In the high-stakes world of F&B in Singapore, a new restaurant needs to generate immediate buzz – in the media and on social media – to get bums on seats. She adds: 'The priority is to ensure media come through to experience the concept first-hand, and then share that experience on their platforms.' Reading the diner The word 'experiential' comes up a lot in conversations with restaurant owners and chefs. So does 'value'. Diners want well-priced whiz-bang. Bae's Cocktail Club in Tanjong Pagar has been hopping since it opened in July 2024. Named after a common Korean surname and slang for girlfriend, it opens until late, features craft cocktails, easy-to-eat food, a DJ, private and semi-private rooms, and high energy. Bae's Cocktail Club in Tanjong Pagar has been hopping since it opened in July 2024. PHOTO: THE PROPER CONCEPTS COLLECTIVE Cocktails are priced from $26, and the best-selling food offerings are Kimchi Bacon Fries, Fried Chicken and Wagyu Beef Ram-don, all priced at $24 a serving. Mr Leong Sheen Jet, 32, one of the partners, also heads The Proper Concepts Collective, which has shuttered Goho, its kaiseki restaurant; and Ms Maria & Mr Singh, its restaurant with Bangkok-based chef Gaggan Anand. He says that Rappu, the group's handroll and hip-hop restaurant in Duxton, is going strong. It is now spread out over two floors, having taken over the space vacated by Goho. He says of Bae's and Rappu: 'Both are high-energy concepts and offer truly differentiated experiences not found anywhere else in Singapore.' Baia, which opened in October 2024 on the rooftop of Esplanade Mall, offers that kind of experiential outing people are looking for. The 130-seat venue, which cost $3 million to set up, is part of the il Lido Group. Baia opened in October 2024 at the rooftop of the Esplanade Mall. PHOTO: BAIA Founder Beppe de Vito, 51, wanted to recreate the 'Las Vegas of the Roman Empire', which was what Baia, an Italian city about 30km from Naples, once was. He says: 'It's great for tourists, and the opening of the Registry of Marriages just one floor down makes it an attractive go-to for celebration meals and drinks.' Chef Rishi Naleendra, 39, of two-Michelin-starred Cloudstreet in Amoy Street, also runs Sri Lankan restaurant Kotuwa at New Bahru and sister restaurant Station By Kotuwa in Boon Tat Street. The interior of Station By Kotuwa in Boon Tat Street. PHOTO: STATION BY KOTUWA He used to run Fool Wine at the Boon Tat Street space before turning it into Station in March 2025 . 'Kotuwa has been amazing,' says the chef of the restaurant, which serves the vibrant food of his heritage, together with cocktails built around Sri Lankan and other spirits. Diners can also order a $68 a person snack-to-dessert feast featuring the restaurant's greatest hits. 'We wanted to see if that success could translate, and we built a CBD version of Kotuwa, and that has been doing really well for us.' He says his fine-dining restaurant Cloudstreet has had its ups and downs. 'Having a diverse portfolio of restaurants helps. It allows us to balance out the slow months with the stronger ones.' Mr Russell Yu, 39, runs casual Japanese chain Nozomi, with outlets at Millennia Walk and Star Vista; and The Horse's Mouth gastrobar at Millenia Walk. He says business at Nozomi has improved since a tough spell from December 2024 to February 2025. 'The stronger performance likely comes down to price point and value. With an average spend of $38 to $43 a diner, and a focus on quality ingredients, we may take a hit on margins, but we continue to offer strong value to guests , and that's resonating with them . 'Restaurants that offer strong value are generally holding steady, but those with an average spend at or above $60 a head are facing greater challenges. The recent closures of several relatively high-profile establishments have been surprising. But for many of us operators, the situation has been, and remains, precarious.' It might become even more precarious when the Rapid Transit System (RTS) linking Johor Bahru (JB) and Singapore starts operating in end-2026. People will be able to travel from Woodlands North MRT station to JB's Bukit Chagar station in five minutes. Jewel Coffee's Mr Khong says: 'I would imagine the bulk of JB visitors now are car owners. But with the RTS, non-car owners will not hesitate to go to JB. If I were a Woodlands resident, between a five-minute ride to JB and a 30-minute MRT ride to Orchard, it's a no-brainer. Johor will win hands down in terms of cost savings on food, groceries and other shopping .' Hope springs eternal Where some see more strife for the F&B scene, others see opportunity. Mr Geoffrey Tai, 51, manager of Temasek Polytechnic's School of Business, says: 'With the RTS enhancing connectivity, we may see more joint ventures, supply partnerships or pop-up concepts between Singapore and JB operators.' He says the goal is not to compete directly, but for entrepreneurs to 'complement and co-create opportunities across both sides'. 'While many Singaporeans will continue visiting JB for affordable food and services, not everyone will make that leap regularly,' he adds. 'Food safety regulations, convenience and strong brand loyalty remain key reasons many still choose to dine locally.' There are other reasons to be hopeful, say some. Il Lido's Mr de Vito says: 'It's definitely not doom and gloom. It's a time of recalibration. The scene is evolving, and that always brings some level of discomfort, but also opportunity. We have to adapt and thrive.' Mr Christopher Millar, 57, senior director of international business development for 1-Group, which runs some 30 restaurants, cafes and bars – including Italian restaurant Monti , with views of Marina Bay, and rooftop bar 1-Arden , at CapitaSpring in the CBD – says: 'We remain optimistically cautious for the rest of 2025 . The upcoming Formula One Grand Prix season, major concerts and events are certainly positive drivers for tourism, which directly benefits our F&B sector. 'We anticipate a rebound in domestic spending in the latter half of the year , especially with SG60 this year and festive periods like the year-end holidays. Our focus will be on delivering exceptional value and experiences to both local and international diners, adapting our offerings to evolving preferences.' Despite the never-ending struggles with rent, manpower and cost of ingredients, some are opening new restaurants. Mr Vadim Korob, 34, managing director of Altro Zafferano, an Italian restaurant at Ocean Financial Centre, says there are plans to expand the portfolio, which now includes Griglia Open Fire Italian Kitchen in Craig Road. He will soon open a steakhouse in Amoy Street, and intends to add two more restaurants down the road. He says sales have increased for the existing restaurants. Altro Zafferano pivoted to more casual dining, with flexible menus that include sharing dishes. 'We are hopeful for 2026,' he says. 'With the upcoming steakhouse launch and plans for two additional concepts in the pipeline, we are looking forward to a strong year ahead.' Chef Joel Ong, 37, who runs Enjoy Eating House & Bar in Stevens Road and The Canteen by Enjoy in Jalan Besar, recently opened Heartland by Enjoy in Tampines, a n all-day cafe serving nasi lemak (priced from $12.90) and zi char dishes. It opens at 10.30am on weekdays and 9.30am on weekends, and closes every day at 2am. With most dishes priced under $20, the average spend a person is about half that of his other restaurants. He says: 'We want to maximise our earning potential, even if it means sacrificing our own time.' Nasi Lemak with beef rendang at Heartland by Enjoy. PHOTO: HEARTLAND BY ENJOY Neither Enjoy nor Canteen are doing well day to day, he says, adding that salaries make up the bulk of costs. He says: 'We chose to open a new restaurant without hiring many staff, and we pull everyone together to work harder, in the hopes of increasing revenue. 'It seems counter-intuitive when we say we have opened another restaurant in order to survive, but it is true.' Heartland by Enjoy in Tampines is an all-day cafe serving nasi lemak and zi char dishes. PHOTO: HEARTLAND BY ENJOY Tan Hsueh Yun is senior food correspondent at The Straits Times. She covers all aspects of the food and beverage scene in Singapore. Check out ST's Food Guide for the latest foodie recommendations in Singapore.
