Japanese Shares Advance on Chip Rally
The Nikkei 225 jumped more than 2% to move above the 60,000 mark on Tuesday, extending its gains for a second consecutive session and following a strong rally on Wall Street as semiconductor stocks recovered from last week’s sharp decline. Sentiment toward the artificial intelligence sector improved after coming under pressure last week due to concerns over tighter regulatory scrutiny and slower data center expansion following Democrats’ sweeping victory in the US midterm elections. Investors are now turning their attention to neocloud company CoreWeave’s upcoming earnings report for further indications of momentum in the AI sector. Japanese semiconductor-related stocks led the advance, with Kioxia Holdings rising 6.9%, Advantest gaining 5.3%, Tokyo Electron climbing 5.8%, and SoftBank Group surging 11.9%. Major banking stocks also contributed to the rally, as Mitsubishi UFJ advanced 3.4% and Mizuho Financial gained 4.4%.
The Nikkei 225 jumped more than 2% to move above the 60,000 mark on Tuesday, extending its gains for a second consecutive session and following a strong rally on Wall Street as semiconductor stocks recovered from last week’s sharp decline. Sentiment toward the artificial intelligence sector improved after coming under pressure last week due to concerns over tighter regulatory scrutiny and slower data center expansion following Democrats’ sweeping victory in the US midterm elections. Investors are now turning their attention to neocloud company CoreWeave’s upcoming earnings report for further indications of momentum in the AI sector.
Japanese semiconductor-related stocks led the advance, with Kioxia Holdings rising 6.9%, Advantest gaining 5.3%, Tokyo Electron climbing 5.8%, and SoftBank Group surging 11.9%. Major banking stocks also contributed to the rally, as Mitsubishi UFJ advanced 3.4% and Mizuho Financial gained 4.4%.