Japanese Stocks Fluctuate as Chip Shares Follow US Peers Higher
Japan’s stocks fluctuate as semiconductor-related companies followed their US peers higher, while real estate names and other firms dependent on domestic demand fell.
Topix rose 0.1% to 2,729.71 as of 9:17 a.m. Tokyo time
Nikkei 225 advanced 0.1% to 39,215.63
“Investor appetite for risk is quite strong in the US stock market, and Japanese shares are also likely to continue rising today, following the overseas trend,” said Hideyuki Ishiguro, chief strategist at Nomura Asset Management.
In a thin US trading session at the start of a holiday-shortened week, the S&P 500 finished near session highs.
Honda Motor contributed the most to the Topix’s gain, increasing 13% after announcing it will buy back as much as ¥1.1 trillion of shares. Honda has sketched plans for a deal that amounts to an acquisition of Nissan Motor.
Out of 2,125 stocks in the Topix, 818 rose and 1,135 fell, while 172 were unchanged.
Source: Bloomberg
