Nikkei rises as US court halts Trumps tariffs, chip stocks rally
TOKYO, - Japan's Nikkei share average rose to a more than two-week high on Thursday after a U.S. court blocked President Donald Trump's tariffs from going into effect, while a rally in chip-related stocks also lifted the index.
As of 0223 GMT, the Nikkei rose 1.7% to 38,347.05, its highest level since May 13.
The broader Topix rose 1.44% to 2,809.27.
The Manhattan-based Court of International Trade ruled that Trump overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the United States than they buy.
The U.S. dollar surged following the court decision, pushing the yen down 0.7% to 145.86 against the greenback. A weaker yen boosts the value of overseas revenues.
"The Nikkei's gains were limited even as we had a series of positive cues, as the market was testing if the index would rise further going forward," said Yusuke Sakai, a senior trader at T&D Asset Management.
Chip-related shares jumped after Nvidia beat quarterly sales expectations, with Advantest and Tokyo Electron rising 3.7% and 3.3%, respectively.
Cable maker Fujikura, a gauge for AI investments, jumped 6.3%. It lifted the nonferrous metals sector by 3.52%, making it the top performer among the Tokyo Stock Exchange's 33 industry sub-indexes.
Automakers also advanced, with Toyota Motor rising 3.9%, helping lift the auto and auto parts sector by 3%.
Hino Motors jumped 7.8% to become the top percentage gainer in the Nikkei.
On the other hand, toy maker Bandai Namco Holdings fell 2.47% to drag the Nikkei the most.
This article was generated from an automated news agency feed without modifications to text.
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