Nikkei jumps 2.12% as tech rallies on AI optimism
Japan stocks extended gains: Nikkei 225 rose 2.12% to close at 66,400 and Topix added 0.55% to 4,126, as technology shares rallied on optimism about a new OpenAI model. Financials and consumers lagged.
The Nikkei 225 Index climbed 2.12% to close at 66,400, while the broader Topix Index rose 0.55% to 4,126 on Monday. Japanese shares advanced for a second straight session as technology stocks rallied on optimism around a new model from OpenAI that could lift demand for AI computing power. Local tech shares also tracked gains in US chipmakers and memory stocks, though the broader market was weighed by stronger-than-expected US jobs data that boosted expectations for a Federal Reserve rate hike this month. Investors also continued to price in a Bank of Japan rate increase at its September meeting, with persistent inflation and a weak yen remaining key concerns.
Among leading tech gainers were Kioxia Holdings 9.3%, SoftBank Group 11.2%, Advantest 4.2%, Taiyo Yuden 4.2% and Ibiden Co 8.4%. Financial and consumer stocks lagged, with Mitsubishi UFJ -2% and Nintendo -1% among the decliners.