Japan shares rise on Wall Street gains; Apple suppliers shine

TOKYO: Japanese stocks rose on Wednesday after a strong performance by Wall Street overnight on stimulus bets, while shares of Apple suppliers firmed following a report about the iPhone maker's plans to increase its production.

The Nikkei share average climbed 0.3% to 26,767.74 by the midday break. The broader Topix gained 0.29% to 1,787.26.

All but nine of the 33 sector sub-indexes on the Tokyo exchange traded higher, with paper and pulp, nonferrous metals and other financial being the three top performers on the main bourse.

Overnight, all three major US stock indexes ended higher, with the Nasdaq notching a record close, on the back of growing prospects of more fiscal stimulus and helped by a 5% jump in Apple Inc.

The Nikkei business daily reported Apple had asked its suppliers to increase their production of iPhones by nearly 30% in the first half of 2021, citing unnamed sources.

Among the largest percentage gainers in the Nikkei index, Apple supplier Alps Alpine soared as much as 7%.

TDK Corp climbed 2.04% and Taiyo Yuden rose 1.08%, while Murata Manufacturing gained nearly 2.4% before changing course to slip 0.44%.

Some market participants said investors were in a wait-and-see mode ahead of the US Federal Reserve's policy decision later in the day.

In its final policy meeting of the year, the US central bank is expected to keep its key overnight interest rate pinned near zero and signal it will stay there for years to come.

Toa Oil was last untraded with a glut of buy orders at a daily-limit high, after Idemitsu Kosan said it would launch a tender offer for the company. Idemitsu Kosan rose 1.08%.

Elsewhere, shares of consumer electronics maker Balmuda Inc were also untraded with a glut of buy orders in their Tokyo debut.