TOKYO, June 4 (Reuters) - Japanese stocks climbed,
snapping a three-day skid, after the yen weakened and glimmers
of hope emerged for a trade deal that will reopen technology
markets with China.
Chip sector heavyweights Tokyo Electron Ltd ( TOELF ) and
Advantest Corp ( ADTTF ) rose 1.5% and 1.3%, respectively,
following gains in U.S. tech shares overnight. Nintendo ( NTDOF )
jumped as much as 3.6% ahead of the debut of its
much-anticipated Switch 2 console on Thursday.
Nvidia and other chipmakers drove gains in U.S. stocks ahead of
expected talks this week between U.S. President Donald Trump and
Chinese leader Xi Jinping to address tariff and trade disputes
that have roiled global markets.
The benchmark Nikkei 225 Index climbed 1% as of the
morning break while the broader Topix added 0.7%. There
were 173 advancers on the Nikkei index against 49 decliners.
"This trend of rising semiconductor stocks is spreading to
the Japanese stock market today along with expectations of
progress in trade negotiations," said Wataru Akiyama, a
strategist at Nomura Securities.
The yen was little changed at 143.94 per dollar,
after a 0.9% slide in the previous session, benefiting
exporters.
The United States is expecting countries to make their best
offers on trade negotiations by Wednesday as sweeping tariffs
loom. Even so, Japan has not yet received a letter for its best
proposals, the chief government spokesperson said.
Toyota Industries ( TYIDF ) sank as much as 13% after
automaker Toyota Motor ( TM ) said it will take the
forklift-maker private in a $33 billion deal, much lower than an
offer indicated in previous media reports. Toyota Motor's ( TM ) shares
climbed 2.2%.
The largest percentage gainers on the Nikkei were Sumitomo
Pharma ( DNPUF ) up 6.2%, followed by Furukawa Electric ( FUWAF )
gaining 4.5%.
The biggest losers were BayCurrent ( BYCRF ) down 2.6%, followed
by Suzuki Motor ( SZKMF ) which lost 1.7%.
(Rocky Swift in Tokyo; Editing by Sonia Cheema)