Japan's Nikkei rises over 2% as chip-related stocks track US peers higher
- The Nikkei share average was up 2.28% at 66,500.29
Japan's Nikkei index surged over 2% as chip-related shares rallied, driven by stable bond yields and a shift to risk-on sentiment, despite some broader market declines.
- Chip-related shares boosting the Nikkei.
- Market volatility and investor sentiment.
- Key Japanese company stock movements.
TOKYO: Japan’s Nikkei rose more than 2% on Monday, as chip-related shares tracked US peers ending higher last week.
The Nikkei share average was up 2.28% at 66,500.29 as of 0150 GMT, while the broader Topix rose 0.81% to 4,136.31.
“With US Treasury Secretary Scott Bessent seemingly curbing bond yields and stemming the fall of the yen, market volatility has fallen,” said Mamoru Shimode, chief strategist at Resona Asset Management.
“That has made it easier for stock investors to shift to risk-on mode.”
Chip-testing equipment maker Advantest and chip-making equipment maker Tokyo Electron rose more than 4% each.
Memory maker Kioxia jumped 6.8%.
Wall Street fell on Friday as a robust jobs report raised the probability of the US Federal Reserve raising rates this month, but the semiconductor index rose 3.4%.
Kokusai Electric jumped 8% after the Nikkei, the publisher of the 225 stock average, said on Friday it would add the Japanese chip equipment maker to the benchmark from October in a regular reshuffle.
Camera and audio equipment maker Sony Group fell 2%. Gamemakers fell, with Konami Group and Bandai Namco Holdings falling nearly 2% each.
Bank shares fell, with Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group falling more than 1% each.
Of more than 1,500 stocks trading on the Tokyo Stock Exchange’s prime market, 48% rose, 48% fell, and 3% traded flat.
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