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Japan's Nikkei jumps 2% on return from holiday; tech shares rally
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Japan's Nikkei jumps 2% on return from holiday; tech shares rally
Aug 12, 2024 6:11 PM

TOKYO, Aug 13 (Reuters) - Japan's Nikkei share average

jumped more than 2% in early trading on Tuesday, with tech

shares leading the rally as sentiment got a boost from a more

stable yen.

The Nikkei was 2.2% higher at 35,804.50 as of 0013

GMT, as the market reopened after a public holiday on Monday.

The broader Topix gained 1.8%. A Topix index of

growth shares rose 1.9% versus a 1.7% rise for a value

share index.

Chip-making equipment giant Tokyo Electron ( TOELF ) led

gainers by index points with a 7% surge. Chip-testing machine

maker Advantest ( ADTTF ) advanced 3.6%.

The Nikkei had slumped to as low as 31,156.12 on Aug. 5 for

the first time in almost nine months amid a perfect storm of

factors including a sharply higher yen and a sudden rise in

fears of a U.S. recession.

The yen has stabilized around 147 per dollar in

recent days, and last traded at 147.13. It had surged as high as

141.675 on Aug. 5 for the first time since the start of this

year.

The U.S. economic data has also started to come in firmer

since the middle of last week, but the outlook faces some

crucial tests with the release of producer inflation data later

on Tuesday, followed by consumer inflation data on Wednesday and

retail sales on Thursday.

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