From Japan Nikkei The stock average rose Thursday after a seven-day slide as overnight gains on Wall Street and a weaker yen boosted investor sentiment.
He Nikkei The index was up 2.8 percent at 36,605.62 by midday, after briefly rising 3 percent earlier in the session on widespread buying. The broader Topix was up 1.9 percent at 2,578.99.
All three major U.S. stock indexes closed higher on Wednesday, helped by gains in the technology sector. The Philadelphia SE Semiconductor index rose, with artificial intelligence chipmaker Nvidia adding 8 percent.
Japanese technology stocks followed suit with their U.S. peers, offering… Nikkei The largest elevator.
Chipmaking equipment giant Tokyo Electron rose 3.6 percent, while Advantest, which counts Nvidia among its clients, gained 7.2 percent. AI-focused startup investor SoftBank Group rose 7.5 percent.
Meanwhile, the yen weakened after hitting its highest level against the dollar this year on Wednesday.
“Due to the impact of the (U.S.) consumer price index report, we are seeing a weakening trend in the yen. This seems to be contributing to positive moves in Japanese stocks,” said Hiroshi Namioka, chief strategist at T&D Asset Management.
The dollar rallied after Wednesday’s CPI report indicated some stickiness in inflation, squashing bets that the Federal Reserve would cut interest rates by 50 basis points next week.
Shares of exporters, which tend to benefit from a weaker domestic currency, rallied.
Technology and entertainment conglomerate Sony Group added 1.1 percent.
Among the 33 industrial groups on the Tokyo Stock Exchange, transportation equipment rose 2.4 percent and was among the best performers. Automaker Toyota Motor gained 2.8 percent, while Kawasaki Heavy Industries rose about 5 percent and led gains in the sector.
Uniqlo’s parent company, Fast Retailing, rose 3.1 percent to give Nikkei The biggest boost.
Shares of Seven & i Holdings rose more than 4 percent after Bloomberg News reported that Canada’s Alimentation Couche-Tard was discussing how much it could raise its offer price to buy the company.
Of the Nikkei Of its 225 voters, 208 went up and 16 went down.
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