Sign up
Log in
Japan's Nikkei bounces on Wall Street gains, softer yen
Share
Listen to the news
Japan's Nikkei bounces on Wall Street gains, softer yen

Updates with levels as of 0230 GMT

By Brigid Riley

- Japan's Nikkei share average rose on Thursday after a seven-day slide, as Wall Street's overnight gains and a softer yen buoyed investor sentiment.

The Nikkei index .N225 had risen 2.8% to 36,605.62 by the midday break after briefly rising 3% earlier in the session in broad-based buying. The broader Topix .TOPX was up 1.9% at 2,578.99.

All three major U.S. stock indexes closed higher on Wednesday, helped by gains in the technology sector. The Philadelphia SE Semiconductor Index .SOX surged, with AI chipmaker Nvidia NVDA.O adding 8%. .N

Japan's technology shares tracked their U.S. peers higher, offering the Nikkei the largest lift.

Chip-making equipment giant Tokyo Electron 8035.T jumped 3.6%, while Advantest 6857.T, which counts Nvidia among its customers, was up 7.2%. AI-focused startup investor SoftBank Group 9984.T rose 7.5%.

Meanwhile, the yen softened after hitting its highest against the dollar this year on Wednesday.

"Due to the impact of the (U.S.) consumer price index report, we are seeing the yen trend weaker. This seems to be contributing to positive movements in Japanese stocks," said Hiroshi Namioka, chief strategist at T&D Asset Management.

The dollar recovered following the CPI report on Wednesday that indicated some stickiness in inflation, crushing bets that the Federal Reserve would cut interest rates by 50 basis points week.FRX/

Shares of exporters, which tend to benefit from a weaker domestic currency, rebounded.

Tech and entertainment conglomerate Sony Group 6758.T added 1.1%.

Among the Tokyo Stock Exchange's 33 industry groupings, transport equipment .ITEQP.T climbed 2.4% and was among the top performers. Automaker Toyota Motor 7203.T gained 2.8%, while Kawasaki Heavy Industries 7012.T rose about 5% to lead gains in the sector.

Uniqlo parent Fast Retailing 9983.T climbed 3.1% to give the Nikkei the biggest boost.

Shares of Seven & i Holdings 382.T rose more than 4% after Bloomberg News reported that Canada's Alimentation Couche-Tard ATD.TO was discussing how much it could raise the offer price to buy the firm.

Of the Nikkei's 225 constituents, 208 rose, while 16 fell.


(Reporting by Brigid Riley; Editing by Subhranshu Sahu)

((brigid.riley@thomsonreuters.com;))

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.
What's Trending
No content on the Webull website shall be considered a recommendation or solicitation for the purchase or sale of securities, options or other investment products. All information and data on the website is for reference only and no historical data shall be considered as the basis for judging future trends.