The Nikkei Stock Average Volatility Index rose 5.00 points, or 17.77%, to 33.13 at 2:05 p.m. on the 25th, after trading between 32.58 and 34.16. The index measures the expected fluctuation range of the Nikkei Stock Average over the coming month and often rises sharply when stocks fall. Caution increased ahead of Nvidia's May-July quarter earnings release scheduled for the 26th and Fed Chair Warsh's speech at the Jackson Hole Symposium on the 28th. Nikkei 225 futures opened lower before finding support and gaining at times in afternoon trading. The volatility index had also surged on the 24th, reaching 34.19 at 2:05 p.m., up 5.81 points, or 20.47%. A reading above 30 indicates elevated uncertainty, while the index typically returns toward roughly 20 to 30 after sharp spikes. Market participants are watching Nvidia's results for direction in Japanese stocks, especially semiconductor-related names, and the Fed chair's speech for clues about future US monetary policy. Attention will turn to whether volatility eases after the events pass.