TOKYO: Japan’s Nikkei share average climbed more than 1% on Monday, driven by chipmaker Advantest’s 9% surge following a brokerage target price upgrade, as traders shrugged off geopolitical tensions between Israel and Iran.
The Nikkei rose 1.26% to close at 38,311.33 and the broader Topix climbed 0.75% to 2,777.13.
“Japanese shares were strong despite worries about geopolitical risks of the Middle East,” said Shuutarou Yasuda, a market analyst at Tokai Tokyo Intelligence Laboratory.
“That was because investors were relieved that oil prices, which affect the local economy, did not spike (today),” he said.
Global investors keenly monitored the Israel-Iran conflict for any signs of escalation into a broader regional conflict.
In Japan, shares of Advantest jumped 9.63% after JPMorgan Securities on Friday raised its target price to 11,000 yen from 10,500 yen. The shares were the largest contributors to the Nikkei’s gains.