Japanese stocks closed higher today, Monday, with the Nikkei index rising by 0.52% to close at 28,188.15 points, while the broader Topix index increased by 0.71% to 2,017.68 points.
Wall Street rose by more than 1% on Friday, and the Nasdaq recorded its largest quarterly percentage gain since June 2020, bolstered by slowing inflation indicators that raised hopes that the Federal Reserve might soon end its interest rate hike cycle.
In Japan, the energy exploration sector surged by 4.97%, leading the gains among 33 sub-indices on the Tokyo Stock Exchange. Oil prices increased by about $5 per barrel following the unexpected announcement from the OPEC+ alliance of a larger production cut to support market stability. The oil refinery index rose by 3.67%.
However, shares of heavyweight semiconductor-related companies declined, limiting the gains of the Nikkei index. Advantest shares fell by 4.23%, making it the worst performer on the Nikkei. Tokyo Electron shares decreased by 2.06%, and Screen Holdings dropped by 3.09%.
