PT Rifan Financindo Berjangka - Japanese stocks rose for a fourth day on the back of gains in US technology companies, which are expected to lead large-scale investment in artificial intelligence, and a pause in yen strength.
Topix Index rose 0.1% to 2,740.55 as of 9:20 a.m. Tokyo time
Nikkei advanced 0.3% to 39,756.42
Hitachi Ltd. contributed the most to the Topix Index gain, increasing 2.6%. Out of 2,119 stocks in the index, 706 rose and 1,187 fell, while 226 were unchanged.
There was buying in export-related companies such as electrical machinery and non-ferrous metals, and information and telecommunications stocks were also firm. SoftBank Group shares extended their rally into a second day, adding as much as 5.5%.
“This huge investment plan for AI has the potential to be long-lasting, given that the US has the basic technological capabilities, and it seems that Japanese companies will also benefit from it,” said Takashi Ito, a senior strategist at Nomura Securities.
Bank shares were weak as the Bank of Japan is widely expected to announce a rate hike Friday. Transportation equipment and steel stocks were also under pressure. The yen was trading at 156.34 against the dollar after strengthening as far as 154.78 on Tuesday. PT Rifan Financindo Berjangka.
Source: Bloomberg
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