The Japanese Nikkei index recovered its losses on Thursday after two consecutive sessions of decline, supported by companies related to chip manufacturing and optimism about financial results, along with strong inflows from foreign investors. The Nikkei index rose by 0.4% to close at 30,801.13 points. Earlier in the week, the index reached 31,352.53, its highest level since August 1990. Meanwhile, the broader Topix index fell by 0.3% to 2,146.15 points.
Shares of Advantest, a semiconductor testing equipment manufacturer, surged by 16.22%, leading the sub-index for semiconductors upward after strong revenue expectations from U.S.-based Nvidia Corp. The stock of Rakuten Group increased by 0.68% after the online product retailer announced pricing for a new stock offering to fund its expansions.
Recently, Japanese stocks have outperformed other major markets, supported by strong corporate earnings, increased investment in semiconductors, and optimism from a favorable consumer sector as economic activities in the country return to normal after the pandemic.
