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By Junko Fujita
TOKYO: Japan’s Nikkei jumped to a six-week closing excessive on Tuesday, the primary buying and selling session of the brand new 12 months, as chip-related heavyweights rose after Wall Road’s robust end in a single day and a softer yen boosted automakers.
The Nikkei share common rose 1.77% to 29,301.79, its highest shut since Nov. 25, wrapping up the primary buying and selling day of a brand new 12 months on constructive notice for the primary time since 2018. A 6.13% bounce in Toyota Motor lifted the broader Topix 1.9% to 2,030.22.
The S&P 500 and the Dow Jones Industrial Common posted file closing highs, led by Tesla’s 13.5% bounce and as buyers cheered Apple changing into the primary firm to hit a $3 trillion market worth.
“The U.S. market’s robust end lifted investor sentiment in Japan,” mentioned Kentaro Hayashi, a senior strategist at Daiwa Securities.
“Traders have a tendency to purchase heavyweights when the sentiment is robust. That explains why chip-related shares led the positive factors.”
Chip-making tools maker Tokyo Electron rose 3.23% and was the most important contributor to the Nikkei’s rise, adopted by semiconductor take a look at tools provider Advantest , which gained 3.67%, and wafer maker Shin-Etsu Chemical , up 3.69%.
Automakers climbed 4.5%, with Toyota main the positive factors following a report that the corporate was planning to launch its personal working system, which might be able to dealing with superior operations akin to autonomous driving.
Honda Motor rose 3.07% and Nissan Motor gained 6.17% because the U.S. greenback reached its strongest stage in additional than a month towards the yen.
Traders shrugged off considerations in regards to the unfold of the coronavirus even after Tokyo confirmed on Monday the best variety of day by day infections since October, with rising circumstances of the Omicron variant.
Air-conditioner maker Daikin Industries fell essentially the most among the many prime 30 core Topix names with a drop of 0.84%, adopted by SoftBank Group, which was down 0.88%.
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“Sentiment is robust with positive factors in U.S. equities final night time. The Japanese market will maintain the momentum if the U.S. market stays robust,” mentioned Takatoshi Itoshima, a strategist at Pictet Asset Administration.
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