Japanese stocks ended higher on Thursday, with the Topix index hitting a new record high, buoyed by gains in semiconductor shares following their U.S. peers. Strong earnings outlooks for domestic companies also helped lift investor sentiment.
The Nikkei index rose 1.16% to 68,308.59 points, while the broader Topix advanced 0.86% to close at a record high of 4,176.04 points, extending its winning streak for a seventh consecutive session.
Both the S&P 500 and Nasdaq closed higher on Wednesday, supported by positive quarterly results from CoreWeave and other companies operating in artificial intelligence infrastructure. Meanwhile, moderate inflation data bolstered expectations that the Federal Reserve will keep U.S. interest rates unchanged in September. The Philadelphia Semiconductor Index gained about 2.5%.
“When the Philadelphia Index rises, Japanese chip-related stocks follow suit, with Advantest being a prime example today,” said Kazuaki Shimada, senior analyst at IwaiCosmo Securities.
Shares of chip-testing equipment maker Advantest rose 4.02%, while Nvidia supplier Ibiden advanced 5.27%.
Toppan Holdings jumped 10.78%, making it the top percentage gainer on the Nikkei, after the printing and packaging company reported that its first-quarter net profit more than doubled compared to the previous year.
Banking stocks also gained, with Mitsubishi UFJ Financial Group and Mizuho Financial Group rising by about 3% each.
Out of more than 1,500 stocks traded on the Tokyo Stock Exchange’s Prime Market, 64% rose, 32% fell, and 3% remained virtually unchanged.
Reuters
