TOKYO, April 3 (Reuters) - Japan's Nikkei share average
rallied on Friday, trimming its losses for the week, following
global efforts to restore Gulf oil shipments interrupted by the
war in Iran.
Artificial intelligence (AI)-related stocks led the Nikkei
higher, with the gauge rising 1.31% to 53,147.35 in
early trade, poised for a 0.4% retreat on the week. The broader
Topix climbed 1.12% to 3,652.13.
Dozens of countries sought ways overnight to restart vital
energy shipments through the Strait of Hormuz after U.S.
President Donald Trump vowed more aggressive attacks on Iran.
Since it began with a joint U.S.-Israeli aerial assault on
Iran on February 28, the conflict continues to spread chaos
across the region, driving prices for petroleum products sharply
higher. Japan's economy remains exposed to spikes in crude oil
prices due to its reliance on imported energy.
"Growing expectations for the reopening of the Strait of
Hormuz have led to a drop in crude prices in Tokyo, which
appears to be supporting the Japanese stock market," said Wataru
Akiyama, a strategist at Nomura Securities.
"As uncertainty surrounding the Middle East situation has
somewhat subsided, and against the backdrop of AI advancements,
expectations are growing that earnings reports, which will begin
in earnest around the middle of this month, will confirm strong
performance," he added.
There were 201 advancers on the Nikkei index against 24
decliners. AI industry bellwethers Advantest ( ADTTF ) and Tokyo
Electron ( TOELF ) rose 1.9% and 1.5%, respectively.
The largest losers on the Nikkei were Chugai Pharmaceutical ( CHGCF )
, down 4.1%, followed by home furnishings maker Nitori ( NCLTF )
, which lost 3.5%.
(Reporting by Rocky Swift in Tokyo; Editing by Subhranshu Sahu)