Japan's Nikkei rises over 2% as chip-related stocks track US peers higher

Business Recorder reported that Japan's Nikkei share average climbed more than 2% on Monday, with chip-related stocks following gains in the United States from the previous week. As of 0150 GMT, the index stood 2.28% higher at 66,500.29, while the broader Topix advanced 0.81% to 4,136.31.

Advantest, which tests chips, and Tokyo Electron, which makes chipmaking equipment, each rose more than 4%, while Kioxia, a memory chip producer, surged 6.8%. Kokusai Electric gained 8% after the index compiler said on Friday that it would join the 225 benchmark from October in a regular reshuffle.

Sony Group fell 2%, while Konami Group and Bandai Namco Holdings each slipped nearly 2%. Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group dropped more than 1% apiece, and the broader market was evenly split: 48% of the more than 1,500 prime market stocks rose, 48% fell and 3% ended flat. Resona Asset Management strategist Mamoru Shimode said Treasury Secretary Scott Bessent's apparent efforts to ease bond yields and slow the yen's decline had reduced volatility, making it easier for investors to take on more risk.