Nikkei closes higher on chip gains, yen intervention fears weigh
EWJ•Semiconductor stocks mostly positive
Semiconductor-related stocks were mostly positive, with cables and optical fibre manufacturer Fujikura 5803.T up 7.88%, memory chipmaker Kioxia 285A.T rising nearly 6% and chip-making equipment maker Tokyo Electron 8035.T gaining 3.11%.
Nikkei ends higher as chip-related stocks gain
Japan's Nikkei share average ended higher on Tuesday, supported by relatively upbeat demand for chip-related stocks, though investors remained wary of possible further yen-buying intervention.
The Nikkei .N225 closed 0.32% higher at 63,957.53, after swinging between gains and losses. The broader Topix .TOPX nudged 0.04% higher to 3,961.78.
Yen intervention concerns keep investors cautious
Japan's Finance Ministry said on Monday Tokyo and Washington had conducted coordinated yen-buying intervention and would not hesitate to take further action.
"Authorities have also indicated they could intervene again if the yen weakens further, so caution remains," said Shuutarou Yasuda, a market analyst at Tokai Tokyo Intelligence Laboratory.
The dollar traded at 157.62 yen JPY=, up 0.29%. A stronger yen reduces the value of overseas revenue for Japan's many heavyweight exporters.
Toyota falls after earnings and guidance update; other movers
Meanwhile, Toyota Motor 7203.T shares ended 1.52% lower after falling as much as 3.12%, as the world's biggest automaker posted a fifth straight quarterly earnings decline, hurt by slumping sales in China.
The company raised its annual operating profit forecast by 13% to reflect a weaker yen and announced a share buyback plan worth up to 1 trillion yen, or 4.22% of outstanding stock.
