TOKYO: Japan’s Nikkei share average rebounded on Tuesday, as a pause in the yen’s push higher supported export-related shares, erasing early losses from a drop in technology shares.
The Nikkei closed up 0.5% at 38,288.62, while the broader Topix rose 0.7% to 2,680.8.
The benchmark Nikkei index spent much of the day in the red, tracking the S&P 500 and tech-heavy Nasdaq lower as global investors awaited quarterly report from AI heavyweight Nvidia due Wednesday.
However, sentiment improved as the yen’s climb higher stalled on Tuesday, prompting investors to buy back export-related stocks that took a hit in the previous session as the currency touched a three-week high of 143.45 per dollar.
Sony Group rallied 2.8%, while Honda Motor and Toyota Motor both gained 1.8%.
Losses among chip-related shares narrowed late in trade, although they remained a drag on the Nikkei. Big names Tokyo Electron fell about 1% and Advantest, which counts Nvidia among its customers, slumped 1.6%.
Investors were taking a wait-and-see approach ahead of Nvidia’s earnings report, said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management.
Source: Brecorder
