TOKYO: Japanese shares jumped on Thursday as investors scooped up chip-related and cyclical shares following a two-day decline across all sectors, with sentiment aided by an upbeat finish on Wall Street overnight.
The main indexes gained the most in more than seven weeks, with the Nikkei share average jumping 2.38% to close at 29,188.17, while the broader Topix rose 1.82% to 1,922.50.
Concerns about an economic slowdown amid preparations of fresh measures to tackle the spread of the virus eroded about 4% from the Nikkei and 3.5% from the Topix index over the last two days. Chip-related shares advanced, with Tokyo Electron gaining 4.58%,
The underperformers on the Topix 30 were Nintendo, down 0.26%, followed by Mitsubishi UFJ Financial Group, losing 0.16%. There were 207 advancers on the Nikkei against 13 decliners. Advantest rising 4.2% and Shin-Etsu Chemical climbing 3.45%. Nidec, known for making precision motors used in computer hard drives, gained 4.49% ahead of its earnings announcement on Thursday.
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