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Japanese shares rise as chip sector tracks Nasdaq higher

Published 23/03/2021, 03:49
Updated 23/03/2021, 03:54
© Reuters.

© Reuters.

TOKYO, March 23 (Reuters) - Japanese equities advanced on
Tuesday as investors bought chip-related shares following a tech
rebound on Wall Street overnight, while automakers rebounded
from sharp losses in the previous session.
The Nikkei share average .N225 added 0.61% to 29,350.93 by
0144 GMT, while the broader Topix .TOPX gained 0.39% to
1,997.94.
"The Japanese market does not have an independency. It's
been obvious these days. What's happened overnight in the U.S.
is happening in Japan a day after," said Koichi Kurose, chief
strategist at Resona Asset Management.
Chip-related shares advanced, tracking the tech-heavy Nasdaq
.IXIC which outpaced the S&P 500 .SPX and the Dow .DJI
overnight as 10-year U.S. Treasury yields eased from 14-month
highs. .N Tokyo Electron 8035.T and TDK Corp 6762.T added 3.28%
and 1.84%, respectively, while Shin-Etsu Chemical 4063.T
gained 1.37% and Advantest 6857.T advanced 1.21%. Nikon Corp
7731.T rose 3.15%.
Japan Exchange Group 8697.T jumped 3.55% after the
operator of the Tokyo Stock Exchange raised its full-year net
profit forecast to 51.5 billion yen ($473.17 million) from 45.5
billion yen. Automakers rebounded from Monday's losses, which were driven
by concerns around potential chip shortages due to a fire at a
plant of semiconductor supplier Renesas Electronics 6723.T .
Toyota Motor 7203.T rose 1.24%, while Suzuki Motor 7269.T
and Nissan Motor 7201.T jumped 2.83%. Renesas gained 3.08%.
Transport shares declined, with Kawasaki Kisen Kaisha
9107.T down 5.75% and ANA Holdings Inc 9202.T losing 3.76%.
Seven & i Holdings Co Ltd 3382.T was up 2.76% and Daiichi
Sankyo 4568.T , which gained 2.11%, led gains among the top 30
core Topix names.
Mitsubishi UFJ Financial Group 8306.T , down 2.02%, and
Sumitomo Mitsui Financial Group Inc 8316.T , losing 1.44%, were
the worst performers among the Topix 30.
There were 125 advancers on the Nikkei index against 95
decliners.

($1 = 108.8400 yen)

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