Japan’s Nikkei rises on tech rally and Takaichi’s spending plan
- The Nikkei advanced 0.63% to 57,505.93
TOKYO: Japan’s Nikkei share average rose on Thursday, tracking Wall Street’s gains in tech shares and buoyed by renewed optimism about Prime Minister Sanae Takaichi’s big-spending plan.
The Nikkei advanced 0.63% to 57,505.93, as of 0037 GMT, while the broader Topix rose 0.47% to 3,825.08.
Semiconductor-related shares lifted the Nikkei index the most.
Chipmaking equipment maker Tokyo Electron climbed 4% and chip-testing equipment manufacturer Advantest gained 2.1%.
Takaichi was formally reappointed as prime minister on Wednesday following a historic general election victory earlier this month.
She has pledged to increase investment through targeted public spending to boost consumption and revitalise economic growth.
“With all cabinet ministers reappointed, swift policy execution is expected, which is seen as another positive for the stock market,” said Ryotaro Sawada, senior analyst at Tokai Tokyo Intelligence Laboratory, in a research note.
The largest percentage gainer in the index was GS Yuasa Corp, up 6.1% after the battery maker unveiled plans to build a new lithium-ion battery factory in Japan.
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