financetom
Market
financetom
/
Market
/
Japan's Nikkei rises more than 2% as chip heavyweights advance
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Japan's Nikkei rises more than 2% as chip heavyweights advance
Sep 25, 2024 11:15 PM

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)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Sector Update: Tech Stocks Rise Pre-Bell Wednesday
Sector Update: Tech Stocks Rise Pre-Bell Wednesday
Sep 3, 2025
09:13 AM EDT, 09/03/2025 (MT Newswires) -- Technology stocks were rising pre-bell Wednesday, with The Technology Select Sector SPDR Fund (XLK) up 0.5% and the SPDR S&P Semiconductor ETF ( XSD ) 1.9% higher. Alphabet's (GOOG, GOOGL) Google ( GOOG ) does not have to divest its Chrome web browser, but will be barred from exclusive contracts related to the...
Top 2 Energy Stocks That May Fall Off A Cliff This Month
Top 2 Energy Stocks That May Fall Off A Cliff This Month
Sep 3, 2025
As of Sept. 3, 2025, two stocks in the energy sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions. The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a...
XORTX Therapeutics Edging Up In US Premarket As Initiates IND Preparation for XORLO in Gout Program
XORTX Therapeutics Edging Up In US Premarket As Initiates IND Preparation for XORLO in Gout Program
Sep 3, 2025
08:17 AM EDT, 09/03/2025 (MT Newswires) -- XORTX Therapeutics ( XRTX ) was edging up in US premarket trade on Wednesday after saying it is initiating an investigational new drug (IND) preparation for its lead program, XRx-026 (XORLO), which is focused on the treatment of gout. To support it, Xortx has engaged Allucent, a global contract research organization specializing in...
Connect Biopharma Ends ADR Program, Moves to Direct Nasdaq Listing; Shares Up Premarket
Connect Biopharma Ends ADR Program, Moves to Direct Nasdaq Listing; Shares Up Premarket
Sep 3, 2025
08:36 AM EDT, 09/03/2025 (MT Newswires) -- Connect Biopharma ( CNTB ) said Wednesday it has completed the termination of its American Depositary Receipt program, with its ordinary shares now directly listed on the Nasdaq Global Market. ADRs were canceled and exchanged for ordinary shares at a one-for-one ratio when the program ended on Sept. 2, the company said. Connect...
Copyright 2023-2026 - www.financetom.com All Rights Reserved