Japanese Stocks Rise, Banks & Technology Leading
Japanese stocks rose for a second day, driven by gains in the technology sector after news of Nvidia's new partnership with Meta boosted sentiment in chip stocks. The Topix closed up 1.2% to 3,852.09, while the Nikkei 225 gained 0.6% to 57,467.83. Of the 1,663 stocks on the Topix, the majority rose, indicating a fairly even rally.
The banking sector was the largest contributor, with Sumitomo Mitsui rising 4.3%. Bank gains accelerated after a Kyodo report indicated the Financial Services Agency was considering additional funding to support M&A efforts at regional banks, fueling hopes of consolidation and policy support for the financial sector.
Meanwhile, chip equipment manufacturers such as Tokyo Electron and Keyence also supported the index, in line with the rise in US chip stocks after Meta reportedly committed to using more Nvidia chips in the coming years. Sentiment was also helped by a weaker yen and expectations of US investment projects, including a NHK report that Japan was considering building a next-generation nuclear reactor as part of a major investment commitment to the US—driving interest in energy and industrial stocks. (asd)
Source: Newsmaker.id
