Nikkei logs six-week closing high as Micron forecast lifts chip stocks
EWJ•Japan’s Nikkei rose 3.3% to 68,956.72, its highest close in more than six weeks, as Micron’s revenue forecast and $32 billion in customer commitments lifted chip stocks. The broader Topix gained 0.57%.
1. Nikkei reaches six-week high
The Nikkei 225 rose 3.3% to close at 68,956.72, its highest close since August 17. The broader Topix edged up 0.57% to 4,131.98.
2. Chip stocks lead gains
Micron forecast quarterly revenue above estimates and said customers had increased commitments under long-term supply agreements to $32 billion. Lasertec surged 11.14%, Advantest rose 9.78%, Murata Manufacturing gained 8.43% and Kioxia climbed 5.55%. Nomura Securities equity strategist Wataru Akiyama cautioned that gains in AI-related shares may be driven by one-off earnings-related news.
3. Rate-sensitive shares fall
Mixed business confidence in the Bank of Japan’s Tankan survey and cautious comments on further rate hikes tempered expectations for a back-to-back rate increase this month. Banking shares fell 2.44% and insurance shares declined 2.31%; oil and coal shares shed 2.97%.
