Nikkei Rebounds as IT Shares Rise Before Jackson Hole
Tokyo stocks rose on August 28, with the Nikkei 225 closing at 66,405.56, up 273.58 points, or 0.41%, as information-technology, software, automaker and selected semiconductor-related shares gained after a U.S. technology rally, while investors remained cautious before Federal Reserve Chair Kevin Warsh’s Jackson Hole speech. (News On Japan)
Tokyo's Nikkei 225 index rallied on August 28 as technology and IT stocks surged ahead of Federal Reserve Chair Kevin Warsh's upcoming speech in Jackson Hole. The index closed higher at 66,405.56, up 273.58 points, or 0.41%, while the TOPIX broader index gained 29.49 points, or 0.72%. Nvidia's impressive earnings report and strong U.S. tech rally fueled the market's optimism, with investors favoring technology shares but remaining cautious before key policy announcements.
Advantest led the Nikkei higher, benefiting from its exposure to AI semiconductor demand. However, some AI-related stocks showed mixed performance, with some rising sharply while others fell. SoftBank Group's heavy presence and concerns over funding requirements and debt costs limited the index's advance. Meanwhile, automakers like Toyota and Honda posted gains, supported by a weaker yen and expectations of solid earnings.
Financials and software-related shares also contributed to a more stable tone in the broader market.
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