Japan's Nikkei rises on sharp Advantest gains
EWJ•Nikkei rises as Advantest surges
Japan's Nikkei share average rose on Thursday, driven by sharp gains in Advantest after the chip-testing equipment maker raised its annual profit forecast, while banks dragged the broader Topix lower.
The Nikkei .N225 was up 0.81% at 61,934.03 as of 0050 GMT, while the Topix .TOPX fell 0.81% to 3,941.8.
Chip stocks climb on stronger outlook
Advantest 6857.T jumped 10% after raising its annual operating profit forecast by 35% on Wednesday as AI spending drives demand for its chip-testing equipment.
"Thanks to Advantest's tremendous outlook, shares in other chip-related stocks rose," said Kazuaki Shimada, chief strategist at IwaiCosmo Securities.
Chip-making equipment maker Tokyo Electron 8035.T rose 4.3%. Memory maker Kioxia 285A.T jumped 11%.
Banks fall while AI-related shares lead
Mitsubishi UFJ Financial Group 8306.T and Sumitomo Mitsui Financial Group 8316.T lost 2.58% and 1.8%, respectively.
"This is a typical trend in recent sessions where AI-related shares are strong, value shares such as banks are sold off," said Shimada.
Of the more than 1,500 stocks trading on the Tokyo Stock Exchange's prime market, 14% rose, 84% fell and 1% traded flat.
