Japan's Nikkei hits six-week high as Micron forecast lifts chip stocks
EWJ•Japan's Nikkei rose 2.28% to 68,276.92, its highest since August 18, as gains in chip-related shares followed Micron's forecast. Topix edged up 0.03% to 4,109.4.
1. Nikkei reaches six-week high
The Nikkei 225 rose 2.28% to 68,276.92 on Thursday, its highest level since August 18. Topix edged up 0.03% to 4,109.4, while market breadth was negative, with 157 Nikkei decliners and 68 gainers.
2. Chip shares gain
Micron forecast quarterly revenue above estimates and said customers had raised commitments under long-term supply agreements to $32 billion. Advantest jumped 7%, Murata Manufacturing rose 6% and Kioxia gained 4%. A Bank of Japan meeting summary showed some policymakers saw a need to accelerate rate hikes or move rates closer to the bank's target sooner.
