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Chip-related, auto stocks help Japan’s Nikkei post six-week closing high

Mark White by Mark White
January 4, 2022
in Suppliers
0


TOKYO, Jan 4 (Reuters) – Japan’s Nikkei jumped to a six-week closing high on Tuesday, the first trading session of the new year, as chip-related heavyweights rose after Wall Street’s strong finish overnight and a softer yen boosted automakers.

The Nikkei share average (.N225) rose 1.77% to 29,301.79, its highest close since Nov. 25, wrapping up the first trading day of a new year on positive note for the first time since 2018. A 6.13% jump in Toyota Motor (7203.T) lifted the broader Topix (.TOPX) 1.9% to 2,030.22.

The S&P 500 (.SPX) and the Dow Jones Industrial Average (.DJI) posted record closing highs, led by Tesla’s (TSLA.O) 13.5% jump and as investors cheered Apple (AAPL.O) becoming the first company to hit a $3 trillion market value.

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“The U.S. market’s strong finish lifted investor sentiment in Japan,” said Kentaro Hayashi, a senior strategist at Daiwa Securities.

“Investors tend to buy heavyweights when the sentiment is strong. That explains why chip-related shares led the gains.”

Chip-making equipment maker Tokyo Electron (2760.T) rose 3.23% and was the biggest contributor to the Nikkei’s rise, followed by semiconductor test equipment supplier Advantest , which gained 3.67%, and wafer maker Shin-Etsu Chemical (4063.T), up 3.69%.

Automakers (.ITEQP.T) climbed 4.5%, with Toyota leading the gains following a report that the company was planning to launch its own operating system, which would be capable of handling advanced operations such as autonomous driving. read more

Honda Motor (7267.T) rose 3.07% and Nissan Motor gained 6.17% as the U.S. dollar reached its strongest level in more than a month against the yen. read more

Investors shrugged off concerns about the spread of the coronavirus even after Tokyo confirmed on Monday the highest number of daily infections since October, with increasing cases of the Omicron variant. read more

Air-conditioner maker Daikin Industries (6367.T) fell the most among the top 30 core Topix names with a drop of 0.84%, followed by SoftBank Group (9984.T), which was down 0.88%.

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Reporting by Junko Fujita; Editing by Subhranshu Sahu

Our Standards: The Thomson Reuters Trust Principles.



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Mark White

Mark White

Mark White is the editor of the ProcurementNation, a Media Outlet covering supply chain and logistics issues. He joined The New York Times in 2007 as an commodities reporter, and most recently served as foreign-exchange editor in New York.

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