Japan's Nikkei posts 3-month closing high as AI shares rally
EWJ•Japan's Nikkei rose 2.4% to 69,946.4 on Monday, its highest close since July 1, while the Topix gained 1.33% to 4,145.22. Chip-related shares Advantest and Tokyo Electron rose 4.32% and 5.5%, respectively.
1. Nikkei reaches three-month high
Japan's Nikkei share average closed at a three-month high on Monday, driven by AI-related stocks after Wall Street gains late last week. The broader Topix rose 1.33% to 4,145.22.
2. Chip shares lead gains
Advantest rose 4.32% and Tokyo Electron gained 5.5%, providing the biggest boosts to the Nikkei. SoftBank Group rose 2.96%, while Kioxia gained 0.94% and remained nearly 50% below its mid-June record high.
3. Investors more selective
Resona Asset Management chief strategist Mamoru Shimode said market sentiment was muted compared with earlier in the year, when the Nikkei hit a record high. He said the AI rally would continue but markets would be more selective.
