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TOKYO: Japan’s Nikkei share average traded higher on Tuesday, tracking an overnight strong finish on Wall Street, while investors await the outcome of the US Federal Reserve’s two-day meeting to determine the fate of the yen.

The Nikkei rose 1.38% to 38,459.01 by the midday break, while the broader Topix advanced 2.01% to 2,740.54.

“The US equities were strong since the end of the last week, while the US yields traded lower. That underpinned Japanese stocks today,” said Shuji Hosoi, senior strategist, Daiwa Securities.

Markets in Japan were closed on Monday.

Japan’s Nikkei slips from record peak as chip-related shares dip

Shares of chip-making equipment maker Tokyo Electron rose 2.69%.

Silicon-wafer maker Shin-Etsu Chemical surged 4.4% and technology investor SoftBank Group gained 1.8%.

The markets’ focus is now on the US Fed’s policy meeting this week after Japan’s currency surged as much as 5 yen against the dollar from a fresh 34-year low of 160.245 on Monday in what traders cited as intervention.

“Whether or not what the market thought was an intervention yesterday was a success is not known.

Because the yen could spike 160 to the dollar again if the Fed’s message is hawkish after its meeting,“ Daiwa’s Hosoi said.

Japanese authorities have not confirmed that they had stepped into the currency market in support of the yen.

Among individual stocks, shares of KFC Holdings surged 6.49% after local media reported US buyout fund Carlyle is close to acquiring the operator of Kentucky Fried Chicken outlets.

Sumitomo Corp jumped 7% after a report said US fund Elliott built a “large stake” in the trading firm. Of the 225 components on the Nikkei, 188 stocks rose and 27 fell.

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