TOKYO, Sept 26 (Reuters) - Japan's Nikkei share average
rose more than 2% on Thursday, as chip giants Tokyo Electron ( TOELF ) and
Advantest ( ADTTF ) tracked their U.S. peers higher and a weaker yen
boosted exporters.
The Nikkei had gained 2.49% to 38,812.94 by the
midday break, rising for a fifth session in six. The broader
Topix was up 1.96% at 2,702.38.
"Gains in U.S. chip stocks, particularly those of Microns,
lifted Japanese chip shares," said Kentaro Hayashi, a senior
strategist at Daiwa Securities.
Shares of Micron Technology ( MU ) surged roughly 14% in
after-hours trading on Wednesday after the company forecast
higher-than-expected first-quarter revenue due to the thirst for
its memory chips used in artificial intelligence computing.
The dollar held firm against the yen after gaining
1% overnight. A weaker yen is seen as a boon for Japanese
exporters as it lifts profits when earnings from abroad are
brought home.
Chip-making equipment maker Tokyo Electron ( TOELF ) surged
6.96% and was the biggest boost to the Nikkei. Chip-testing
equipment maker Advantest ( ADTTF ) rose 5% and technology
investor SoftBank Group climbed 4%.
Sony Group ( SONY ) rose 2.36%.
Nitori ( NCLTF ), the home interior goods retailer which
relies on imports for most materials and tends to move along
with the yen, eased 0.07%.
Minutes of the Bank of Japan's July policy meeting were not
hawkish, lifting sentiment of stock investors, said Hayashi.
The minutes showed BOJ policymakers were divided on how
quickly the central bank should raise interest rates further,
highlighting uncertainty on the timing of the next increase in
borrowing costs.
At the July meeting, the BOJ unexpectedly raised short-term
interest rates to 0.25% by a 7-2 vote, taking another step
towards phasing out a decade of huge stimulus.
Of the more than 1,600 stocks trading on the Tokyo Stock
Exchange's prime market, 88% rose, 9% fell and 1% traded flat.
(Reporting by Junko Fujita; Editing by Subhranshu Sahu)