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TOKYO: Japan’s Nikkei index closed higher on Monday, boosted by chipmakers as they tracked firmer U.S. peers, with Uniqlo store operator Fast Retailing’s jump for a second day supporting markets further.

The Nikkei ended 0.74% higher at 28,333.52, rebounding after touching its lowest intraday level since Dec. 6 on Friday at 27,889.21. About 3 stocks advanced for every one that fell on the benchmark index.

The broader Topix added 0.42%. The Topix growth share index added 0.36%, after dipping to its lowest intraday level since mid-August at the end of last week. The value index gained 0.55%, and touched its highest intraday level since late September.

“Over-sold growth stocks are being bought back,” said Naoki Fujiwara, a fund manager at Shinkin Asset Management.

“At the same time, the shift from growth stocks to value stocks is also continuing.”

Fast Retailing’s 1.86% rally made it the Nikkei’s biggest gainer by index points, continuing its rally after reporting estimate-topping earnings.

Chip giants Tokyo Electron and Advantest, rose 0.44% and 0.65%, respectively. Peer Renesas rose 2.09%.

On Friday, the Philadelphia SE Semiconductor Index jumped 2.33%. Wall Street is shut on Monday for a national holiday.

In addition, local media reported that the Japanese government will set up a subsidy program to assist companies developing chips, large-capacity batteries and other strategic products.

SoftBank Group and Toyota Motor also helped the Nikkei higher, with respective 0.60% and 1.38% advances. Nintendo gained 1.66%.

The Nikkei’s worst performer was Toho Zinc, with a 4.50% slide, followed by delivery company Yamato Holdings , which lost 2.83%, and Hitachi, which fell 2.59%.

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