Tokyo stocks rise on dip-buying of tech shares ahead of Nvidia earnings

Tokyo stocks experienced a rise on Tuesday, driven by dip-buying in technology shares and a cautious anticipation for Nvidia Corp.'s earnings announcement later in the week. The 225-issue Nikkei Stock Average closed the day up 328.34 points, or 0.50 percent, at 65,856.43, compared to Monday's figure. The broader Topix index also gained 20.38 points, or 0.50 percent, concluding at 4,093.67.

Among the top-tier Prime Market, nonferrous metal, insurance, and securities-related shares led the gains. The U.S. dollar strengthened to the mid-159 yen range in Tokyo, with the dollar trading at 159.44-45 yen, while the euro was quoted at $1.1658-1660 and 185.88-92 yen. The 10-year Japanese government bond yield rose by 0.010 percentage points from Monday's close, settling at 2.890 percent due to inflation concerns linked to higher crude oil prices.

Despite initial selling, particularly in artificial intelligence- and semiconductor-related stocks, technology shares rebounded strongly, following the rise in South Korea's tech-heavy Kospi index. Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management Co., noted that the Nikkei index has been highly influenced by movements in chip-related shares.

The Topix index remained relatively stable throughout the day, hovering near its previous day's closing level before finishing slightly higher, buoyed by buying activity in financial-related shares.