Market Updates

Rally In Semiconductor Stocks Powered 2.5% Surge In Japan Indexes

Akira Ito
26 Sep, 2024
Tokyo

    Stock market indexes in Tokyo traded at three-week highs following a rebound in semiconductor and related stocks. 

    The Nikkei 225 stock average and the Topix index jumped more than 2.5% after Micron Technology reported better-than-expected quarterly results after the close of the regular trading session in New York. 

    Investors also reviewed the latest policy meeting minutes, and several policymakers cautioned against creating excessive expectations about future rate hikes and called for sharper focus on upward inflation risks. 

    The yen traded in a tight range and edged up 0.04% to 144.77 after the Bank of Japan's policy meeting minutes showed the committee prefers a gradual approach to increasing interest rates in the future. 

    The surge in semiconductor stocks also boosted market indexes in South Korea, and the KOSPI index advanced 2.6%. 

    In other Asian markets, benchmark indexes in India crossed another record high and extended a string of highs to close to 60 in 2024, amid positive market sentiment and earnings optimism. 

    Benchmark indexes in mainland China and Hong Kong extended their three-day tally to over 7% as investors stepped up to buy riskier stocks in the hopes of additional market-supportive measures following the announcement of wide-ranging monetary stimulus measures. 

     

    Japan Stock Movers 

    The Nikkei 225 Stock Average jumped 2.8% to 38,925.63, and the broader Topix index advanced 2.6% to 2,721.12. 

    Tech stocks led the surge in Tokyo trading in the hopes of improving business after Micron Technology reported better-than-expected quarterly results. 

    Tokyo Electron jumped 8% to ¥25,760.0, Advantest soared 5.4% to ¥6,900.0, Screen Holdings gained 5.9% to ¥10,410.0, and Lasertec added 0.1% to ¥24,250.0. 

    Banks also participated in the market surge after the latest policy meeting minutes suggested that the central bank is looking to raise rates in gradual steps and not in sharp increments.

    Mitsubishi UFJ Financial advanced 2.5% to ¥1,481.50, Sumitomo Mitsui added 3.2% to ¥9,174.0, and Mizuho Financial Group gained 2.7% to ¥2,894.50. 

    Retail stocks traded higher amid market rally and stable yen. 

    Seven & I Holdings increased 2.1% to ¥2,206.50, Aeon Co. Ltd. gained 1.6% to ¥2,206.50, Fast Retailing advanced 1.7% to ¥47,900.0, and Isetan Mitsukoshi jumped 7.6% to ¥2,326.0. 

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