Japan's Nikkei climbs 1% as tech stocks track US rally ahead of BOJ
TOKYO, Sept 18 (Reuters) — Japan's Nikkei share average jumped on Friday as investors scooped up AI and chip-sector stocks, taking cues from a tech-led rally on Wall Street overnight. The tech-heavy Nikkei rose 1% to 64,786.86 by 0018 GMT. Investors largely looked past a policy decision from the Bank of Japan later in the day, with a widely expected interest rate hike already priced in by the market well in advance. AI-focused startup investor SoftBank Group soared 5%, while chip-equipment makers Advantest and Tokyo Electron advanced 4% and 3.6%, respectively. Fast-growing tech companies tend to be highly leveraged, and are sensitive to tighter monetary policy. Those worries are easing as a decline in crude oil lessens inflationary risks. Japanese tech shares fell on Thursday, with investors snapping up beaten-down gaming shares instead. However, they sold those gaming shares on Friday as tech made a quick comeback. Nintendo and Konami each fell about 2%. The broader Topix index lost 0.2%, given its lower concentration of AI-related names. On the Nikkei, shares were almost evenly split, with 111 of its 225 components gaining versus 113 that fell, with one trading flat. (Reporting b
TOKYO, Sept 18 (Reuters) — Japan's Nikkei share average jumped on Friday as investors scooped up AI and chip-sector stocks, taking cues from a tech-led rally on Wall Street overnight. 86 by 0018 GMT. Investors largely looked past a policy decision from the Bank of Japan later in the day, with a widely expected interest rate hike already priced in by the market well in advance. 6%, respectively.
Fast-growing tech companies tend to be highly leveraged, and are sensitive to tighter monetary policy. Those worries are easing as a decline in crude oil lessens inflationary risks. Japanese tech shares fell on Thursday, with investors snapping up beaten-down gaming shares instead. However, they sold those gaming shares on Friday as tech made a quick comeback.
Nintendo and Konami each fell about 2%. 2%, given its lower concentration of AI-related names. On the Nikkei, shares were almost evenly split, with 111 of its 225 components gaining versus 113 that fell, with one trading flat. com;)