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Mint
3 days ago
- Automotive
- Mint
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.
Business Recorder
25-04-2025
- Business
- Business Recorder
Japan's Nikkei rises on Trump's tariff tone down, weaker yen
TOKYO: Japan's Nikkei share average rose on Friday as investors scooped up technology stocks after the White House softened its trade stance and the yen weakened after talks between Japan-US finance chiefs. The Nikkei was up 1.4% at 35,518.96 as of 0221 GMT. For the week, the index is poised to rise 2.2%. The broader Topix had risen 1.08% to 2,620.44 and is set to post a 2.35% weekly gain. 'With (US President Donald) Trump easing his tone about his tariff plans, investors have started looking into other factors, such as corporate earnings and outlook of the chip industry,' Yusuke Sakai, a senior trader at T&D Asset Management. After tit-for-tat tariffs put an effective embargo on trade between the US and China, the United States this week shifted tone and said the situation would be unsustainable. China, however, has said it has not held trade talks with Washington, despite comments to the contrary from US President Donald Trump, and has warned other countries against striking deals with the US that come at China's expense. 'The finance chiefs of Japan and the US have made no deals about the currency levels. That eased worries that the yen could rise further and improved sentiment for the equities,' Sakai said. Tech, autos boost Japan's Nikkei on receding trade war worries Japanese Finance Minister Katsunobu Kato said on Thursday he agreed with US Treasury Secretary Scott Bessent to continue 'constructive' dialogue on currency policy, but did not discuss setting currency targets or a framework to control yen moves. The yen was last down 0.23% at 142.94 against the dollar, after hitting a seven-month high of 139.885 this week. Among individual stocks, electric motor maker Nidec surged 10% and was the biggest percentage gainer in the Nikkei after it reported a larger-than-expected quarterly profit and forecast a record annual operating profit. Fujitsu jumped 5.17% after the computer maker said its annual net profit for the year to March 2026 will be up 77% from the previous year. Chip-related stocks Tokyo Electron and Advantest rose 3.53% and 3.5%, respectively, providing the biggest boost to the Nikkei. On the other hand, truck maker Hino Motors fell 5.7% and was the worst performer on the index.
