Japanese Stocks Rise After US Tech Stock Surge
Japanese shares rose after US stock market gains driven by strong demand for Apple’s new iPhone 17 and news about a large Oracle cloud contract. Investor attention continued to focus on the race for the next leader of the Liberal Democratic Party of the ruling coalition.
The Topix Index rose 0.9% to 3,176.53 as of 9:41 a.m. Tokyo time, while the Nikkei advanced 1.4% to 45,675.33.
Sony Group Corp. contributed the most to the Topix Index gain, increasing 2.2%. Out of 1,673 stocks in the index, 1,236 rose and 363 fell, while 74 were unchanged.
Leading the buying were export-related stocks, such as electronics and machinery, and sectors with exposure overseas, such as non-ferrous metals and trading companies. Financial stocks, including banks, insurance companies and securities companies, saw buying on increased expectations of a rate hike.
“Japanese stocks are likely to recover from losses after Friday’s Bank of Japan ETF sale plan because of the favorable global investment environment,” said Shoji Hirakawa, chief global strategist at Tokai Tokyo Intelligence Lab. “As for the LDP leadership election, the stock market will likely benefit from either a proactive fiscal policy from Sanae Takaichi or Shinjiro Koizumi’s youthful image.”
Sumber :Bloomberg.com
