The Japanese Nikkei index reversed its course to close higher on Wednesday, as investors rushed to buy large-cap stocks that had seen price declines. Shares of SoftBank Group and chip-related stocks led the gains. The Nikkei index rose by 0.56% to close at 33,575.14 points, after falling by up to 0.7% earlier in the session. The broader Topix index erased its losses, closing up 0.5% at 2,295.01 points.
Shuichi Arisawa, general manager of the investment research department at Iwai Cosmo Securities, noted, "After seeing losses in early trading, investor interest in buying the dipped stocks increased." He added, "This interest will maintain the momentum of the Nikkei index, and it seems the index is ready to rise in the near term, but gradually."
SoftBank's shares rose by 3.68%, providing the largest boost to the Nikkei index, following the company's annual general meeting held today. Chip-related stocks also saw gains, with Advantest and Tokyo Electron shares increasing by 1.25% and 2.8%, respectively.
