TOKYO: Japan’s Nikkei share average jumped for a second day on Monday, buoyed by a weaker yen and renewed enthusiasm over artificial intelligence (AI) investments.
The Nikkei 225 Index rose 1.8 percent to close at 50,402.39, after a 1 percent gain on Friday. The broader Topix rose 0.6 percent.
US stocks closed higher on Friday, helped in part by strong forecasts from chipmaker Micron Technology that re-ignited optimism around AI-related shares.
SoftBank Group, a major Japanese investor in AI, jumped 4.1 percent. Reuters reported on Saturday that the company was racing to close a USD22.5 billion funding commitment to OpenAI by year-end.
“Last week saw gains in US shares driven by positive news related to semiconductors and AI,” said Maki Sawada, an equities strategist at Nomura Securities. “That momentum is also visible in today’s Japanese stock market.”
The Bank of Japan on Friday raised its key interest rate to a three-decade high. Japanese bond yields surged, though the yen weakened sharply, as BOJ Governor Kazuo Ueda was not as hawkish about policy tightening as markets had anticipated.
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