Japan's Nikkei rebounds from sharp loss as chip-related shares rise
EWJ•Japan's Nikkei rose 0.61% to 68,193.13 at Wednesday's midday break, rebounding after a 1.8% drop the previous session, while the Topix slipped 0.05% to 4,108.8. Chip-related shares gained, while bank stocks weighed on the broader index.
1. Nikkei rebounds
The Nikkei share average rose 0.61% to 68,193.13 by the midday break on Wednesday, following a 1.8% decline on Tuesday. The Topix edged down 0.05% to 4,108.8.
2. Technology and banks diverge
Advantest rose 1.19%, Tokyo Electron gained 0.78% and SoftBank Group advanced 2.15%. Taiyo Yuden climbed 7.74%, while Fujikura rose 2.98%. Bank shares fell: Mitsubishi UFJ Financial Group dropped 1.83%, Mizuho Financial Group slipped 2.48% and Sumitomo Mitsui Financial Group lost 1.85%. An equity analyst said technology gains were limited ahead of local earnings reports and the U.S. midterm congressional elections.
