Market Updates
Nikkei 225 Jumps 1% Following Market Rally In New York, Elliott Management Amasses a $2 Billion Stake In Softbank
Akira Ito
06 Jun, 2024
Tokyo
Market indexes in Tokyo jumped, following a tech-stock-driven rally in overnight trading on Wall Street.
Benchmark indexes jumped as much as 1% after tech stocks rallied in Tokyo and the market advanced broadened to most sectors in the early afternoon.
The semiconductor stocks in Tokyo advanced following the record high at Nvidia in New York, which lifted the S&P 500 index and the Nasdaq Composite to new highs.
The Japanese yen held firm at 155.89 against the U.S. dollar, and the yield on the 10-year Japanese government bonds fell below 1% for the first time in two weeks.
Japan Stock Movers
The Nikkei 225 Stock Average jumped 0.7% to 38,751.57, and the Topix index advanced 0.4% to 2,759.05.
Tech stocks led the gainers, and Tokyo Electron, Advantest, and Screen Holdings jumped between 1.5% and 5%.
SoftBank jumped 1.3% to ¥9,545.0 after activist investor Elliott Investment acquired a $2 billion stake in the company with the aim of pushing the tech conglomerate to buy back $15 billion of its own stock.
The news was first reported by the Wall Street Journal and confirmed by two traders in Tokyo and New York.
Ocean shipping companies were in focus again, and Kawasaki Kisen Kaisha jumped 4.2% to ¥2,465.0 and Nippon Yusen advanced 2.6% to ¥5,018.0.
Energy companies traded higher despite the recent weakness in crude oil prices.
Idemitsu Kosan jumped 3% to ¥1,072.0, INPEX gained 0.02% to ¥2,313.0, and Iwatani jumped 2.6% to ¥9,458.0.
On the downside, Alps Alpine declined 5.5% to ¥1,463.0, and Mercari dropped as much as 3% to ¥2,023.50.
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