Japan’s Nikkei Rebounds from One-Week Low Despite Chip Drag
![](https://japannews.yomiuri.co.jp/wp-content/uploads/2023/05/tousho.jpg)
Tokyo Stock Exchange
12:08 JST, November 22, 2023
TOKYO (Reuters) – Japan’s Nikkei share average gained on Wednesday, rebounding from early declines even as chip shares dragged.
The Nikkei rose 0.62% to 33,560.01 as of the midday break. Of its 225 components, 184 stocks advanced, 38 fell and three traded flat.
The level puts it about halfway between the day’s low point at 33,182.99, a one-week trough, and Monday’s fresh post-1990 peak at 33,853.46.
The broader Topix rallied 0.74%.
“Japanese stocks have been stronger relative to others recently (and) a lot of people still want to buy Japanese stocks,” said Naka Matsuzawa, a strategist at Nomura Securities.
At the same time, “it’s kind of hard to draw a scenario for higher stock markets from here, because the market has already priced in quite aggressive rate cuts from the Fed,” he said.
Traders place about 29% odds on a first Federal Reserve rate cut by March, according to the CME’s Fedwatch tool.
The session’s bounce might also be amplified by technical factors, with Japanese markets closed for a national holiday on Thursday.
Online company Cyberagent led Nikkei gainers with a 4.5% jump. Uniqlo owner Fast Retailing rose 1.56%, making it the biggest points gainer due to its heavy weighting.
Paper and pulp led advances among the Tokyo Stock Exchange’s 33 industry groups, followed by Pharmaceuticals, gaining 1.89% and 1.46%, respectively.
However, chip shares were heavy amid weakness in Nvidia’s shares Chip-testing equipment maker Advantest, a Nvidia supplier, dropped 3.04% to be the biggest points decliner.
"News Services" POPULAR ARTICLE
-
FBI Identifies Thomas Matthew Crooks as ‘Subject Involved’ in Trump Rally Shooting
-
Donald Trump Whisked off Stage in Pennsylvania after Apparent Gunshots Rang Through the Crowd
-
Japanese Executive among 11 Arrested in Myanmar for Inflating Rice Prices
-
Japan’s Nikkei Reclaims 40,000 Level on Weak Yen, Foreign Buying (UPDATE 1)
-
U.S. President Joe Biden Drops Out of the 2024 Race after Disastrous Debate Inflamed Age Concerns
JN ACCESS RANKING