Japan’s Nikkei Gains as Tech Tailwinds Help Balance Macro Nerves

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Japan’s Nikkei 225 climbed as tech stocks followed their US peers higher after Friday’s rally. Gains on the broader Topix were smaller as concerns about the yen and bond yields limited risk appetite.

Nikkei 225 advanced 2.2% to 66,434.21 as of 10:38 a.m. in TokyoTopix Index rose 0.8% to 4,135.00Out of 1,635 stocks in the index, 779 rose and 804 fell, while 52 were unchanged

Chip-gear makers Lasertec Corp., Kioxia Holdings Corp. and Tokyo Electron Ltd. were among the Nikkei’s best performers, along with OpenAI investor Softbank Group Corp.

The gains came after the closely-watched SOX Index rose 3.4% on Friday.

“The Nikkei is feeling a considerable tailwind from the strength of the SOX,” said Hiroshi Namioka, chief strategist at T&D Asset Management. The tech sector is drawing buying despite hotter-than-expected US jobs data fueling more worries about rate hikes, as many shares look attractive after their recent drawdown, he said.

“The sense that chip stocks are overvalued is fading now that their prices have come down from the previous rally,” Namioka said.

ChatGPT maker OpenAI announced the rollout of its new Astra model on Friday, delivering a boost to AI-related shares in the US. South Korean chipmakers SK Hynix Inc. and Samsung Electronics Co. also climbed on Monday morning.

Gains on the broader Topix were more muted, with declines in banks and services weighing on the gauge.

Uncertainty surrounding the yen’s trajectory and elevated bond yields is likely to keep investors on high alert until the Bank of Japan’s policy meeting next week, said Namioka. Financial shares may be particularly difficult to buy ahead of BOJ board member Kazuyuki Masu’s remarks, expected on Thursday in Tokyo, he added.

ADVANCERS

Lasertec (6920) +9.1%SoftBank (9984) +7.6%Tokyo Electron (8035) +4.9%; Japanese Stocks Advance as Tech, Chip Shares Follow US Peers

DECLINERS

NRI (4307) -4.2%Asics (7936) -3.8%NEC (6701) -3.2%; *NEC SAYS DEVELOPMENT WOULD TAKE TOO LONG TO REAP ROI: NIKKEI

INSIGHTS

The MSCI AC Asia Pacific Index was up 1.3%Topix Index is up 21% year-to-date, vs. MSCI AC Asia Pacific Index up 24%Topix Index members are trading at 16.1 times their estimated earnings for the next 12 months