Japan's Nikkei rises as AI-related shares track US semiconductor rally
TOKYO: Japan’s Nikkei share average rose on Wednesday, with AI-related stocks tracking gains in US semiconductor shares, while lower oil prices overnight lifted economy-sensitive stocks. The Nikkei was up 1.3% at 66,342.71, as of 0204 GMT. The broader Topix gained 0.6% to 4,067.98. US stocks ended slightly lower on Tuesday as Treasury yields continued to climb ahead of inflation and labour market…
Japan's Nikkei share average experienced a rise on Wednesday, with AI-related stocks mirroring gains in US semiconductor shares, while lower oil prices overnight bolstered economy-sensitive stocks. The Nikkei closed up 1.3% at 66,342.71 as of 0204 GMT, while the broader Topix gained 0.6% to 4,067.98. US stocks ended marginally lower on Tuesday due to Treasury yields persistently rising ahead of inflation and labor market data, although the Philadelphia Semiconductor Index saw a 1.3% increase.
Daisuke Hashizume, a senior strategist at Daiwa Securities, noted that not only technology stocks but also economy-sensitive shares rose on Wednesday. SoftBank Group surged 6.23%, while chip-related shares Tokyo Electron and Advantest climbed 3.13% and 1.03%, respectively. Fibre-optic cable manufacturer Fujikura experienced a 6.21% rise.
Taiyo Yuden, a manufacturer of multi-layer ceramic capacitors used in AI servers, saw a 3.8% increase after announcing a business alliance with electronics parts maker TDK, which in turn climbed 1.3%. Murata Manufacturing shares dropped 2.7%. Banking shares experienced an uptick, with Sumitomo Mitsui Financial Group and Mizuho Financial Group rising 1.3% and 2.35%, respectively, leading the bank sub-index to climb 1.38%.
Of the more than 1,500 stocks traded on the Tokyo Stock Exchange's prime market on Wednesday, 44% saw gains, 51% experienced losses, and 3% closed flat.
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