Nikkei stock index ends at 5-month high on firm chip shares
TOKYO (Kyodo) -- Tokyo stocks climbed Thursday for a third straight day, with the Nikkei index ending at a five-month high, boosted by semiconductor-related shares amid hopes for robust demand for artificial intelligence.
The 225-issue Nikkei Stock Average ended up 642.51 points, or 1.65 percent, from Wednesday at 39,584.58, its highest level since Jan. 24. The broader Topix index finished 22.45 points, or 0.81 percent, higher at 2,804.69.
On the top-tier Prime Market, gainers were led by nonferrous metal, electric power and gas and insurance issues.
The U.S. dollar weakened to around the 144 yen line in Tokyo after a report that U.S. President Donald Trump, seeking a cut in interest rates, is considering to name his candidate to succeed Federal Reserve Chair Jerome Powell early.
On the stock market, heavyweight semiconductor issues drew buying tracking an overnight advance of the tech-heavy U.S. Nasdaq index, with Japanese chip testing equipment maker Advantest soaring to a record high.
Their recent advances came after sluggish performance due to concerns about U.S. restrictions of chip-related exports to China.
"Considering their share price levels in the first half of last year, there is still room for chip stocks to rebound further," said Yuta Okamoto, market analyst at Tokai Tokyo Intelligence Laboratory Co.
Meanwhile, some automaker shares were sold amid receding hopes for progress in U.S.-Japan tariff negotiations, brokers said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Nikkei Asia
an hour ago
- Nikkei Asia
Renesas pushes back sales target 5 years after failed bet on power chips
Renesas has ended development of silicon carbide power semiconductors, which it had hoped would become a growth driver. (Source photos by Nikkei) RYO MUKANO TOKYO -- Renesas Electronics on Thursday pushed back its 2030 sales and market capitalization targets by five years, reworking its growth strategy after a slowdown in the electric vehicle market forced an about-face on its plans for power semiconductors. The Japanese chipmaker had in 2022 set goals of roughly doubling its sales to $20 billion and growing its valuation roughly sixfold to over 10 trillion yen (about $70 billion at current rates) by 2030. In a briefing, the company said it would move that timeframe back to 2035. Its shares dropped on the news, sinking 12% on Thursday to close at 1,735.5 yen.
Kyodo News
3 hours ago
- Kyodo News
Russian envoy to Japan to attend A-bomb ceremony in Nagasaki in Aug.
KYODO NEWS - 7 hours ago - 20:54 | All, Japan, World Russia's ambassador to Japan will attend an annual peace ceremony commemorating the 1945 U.S. atomic bombing in the southwestern city of Nagasaki in August, local media reported Thursday, making it the first such attendance since Russia launched its full-scale invasion against Ukraine in 2022. The attendance of Nikolay Nozdrev is expected after the Nagasaki city government adopted a more inclusive approach to invitations to the Aug. 9 ceremony following last year's controversy over its decision not to invite Israel amid its conflict with Palestinian militants. Nagasaki had not invited representatives of Russia and its ally Belarus for three straight years over the Ukraine issue. But in May this year, it said all countries and regions with diplomatic missions in Japan would be invited. Nagasaki Mayor Shiro Suzuki has said the change in stance came as the city decided to bring together representatives from around the world "going beyond national borders and ideological differences," returning to the "fundamental purpose" of the ceremony to mourn the atomic bomb victims and pray for lasting peace. Last year, the city ended up holding the ceremony in the absence of ambassadors from the United States and other members of the Group of Seven. The Russian ambassador, however, will not take part in the peace memorial ceremony on Aug. 6 in Hiroshima on the 80th anniversary of the U.S. atomic bombing on the western Japanese city, according to the Russian media. Hiroshima, for its part, said in April that it would no longer issue invitations to envoys for its memorial ceremony but instead notify them of the event. Related coverage: Chief organizer of Nobel Prize A-bomb survivors group steps down Emperor renews peace hope in Hiroshima for 80th anniv. of war's end U.S. intel chief speaks out against nuclear arms after Japan visit
Nikkei Asia
3 hours ago
- Nikkei Asia
Japan to establish guidelines for chip industry cybersecurity
Semiconductor-related companies targeted by cyberattacks in recent years have included TSMC, the world's largest contract chipmaker. © Reuters MAYUMI HIROSAWA TOKYO -- The Japanese government will compile guidelines by around this fall for semiconductor plants on how to deal with cyberattacks, looking to spur the development of ways to minimize damage and maintain production of the resource critical to a wide range of industries. The Ministry of Economy, Trade and Industry will consider making compliance with the new guidelines a requirement for receiving chip plant subsidies. The government has pledged to provide 10 trillion yen ($69.3 billion) in public funding for the chip and artificial intelligence fields by fiscal 2030.
