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Japanese shares edge up as FOMO keeps rally alive

09/16/2021 | 11:16pm EDT

TOKYO, Sept 17 (Reuters) - Japanese equities headed for their fourth straight week of gains, with heavyweight chipmakers driving gains on Friday, as investors gripped by the fear-of-missing-out, or FOMO, bet on the major indexes extending their rally.

Hopes for new leadership, rising COVID-19 vaccinations and easing infections have powered a more than 8% jump in the Nikkei share average for the month so far. The rally cooled off in the past two sessions, but the benchmark is still on track for a 0.34% weekly gain.

It added 0.46% to 30,463.54 by 0217 GMT on Friday. The broader Topix gained 0.30% to 2,096.31.

"Shares rose because some investors wanted to boost weightings of Japanese stocks in their portfolio. And there is a demand from those who failed to buy Japanese stocks in a rally earlier this month," said Jun Morita, general manager of the research department at Chibagin Asset Management.

Medical services platform provider M3 led the Nikkei's gain with a 4.5% rise, followed by chip-related stocks Tokyo Electron and Advantest, which rose 1.42% and 2.26%, respectively.

Shipping firms were the top gainers among the Tokyo Stock Exchange's 33 industry subindexes, with Nippon Yusen jumping 2.68% and Kawasaki Kisen rising 2.74%.

Drug maker Daiichi Sankyo gained the most among the top 30 core Topix names, with a 2.78% rise, followed by Shin-Etsu Chemical, also chip-related, rising 1.64%.

On the flipside, Nippon Steel tumbled 6.16% after the steel maker priced https://www.nipponsteel.com/common/secure/en/news/20210917_100.pdf its 300 billion yen ($2.73 billion) worth of convertible bonds. Its peers Kobe Steel and JFE Holdings lost 3.52% and 2.34%, respectively.

Mitsui & Co Ltd, down 1.58%, was the worst performer among the Topix 30, followed by Hoya, losing 1.39%.

($1 = 109.8800 yen) (Reporting by Junko Fujita; Editing by Devika Syamnath)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADVANTEST CORPORATION 1.55% 9200 End-of-day quote.19.02%
DAIICHI SANKYO COMPANY, LIMITED 4.22% 2855 End-of-day quote.-19.24%
HOYA CORPORATION 0.70% 17280 End-of-day quote.21.09%
JFE HOLDINGS, INC. 4.20% 1812 End-of-day quote.83.40%
KAWASAKI KISEN KAISHA, LTD. 5.41% 5460 End-of-day quote.158.52%
KOBE STEEL, LTD. 2.97% 694 End-of-day quote.25.95%
M3, INC. -1.47% 7311 End-of-day quote.-24.96%
MITSUI & CO., LTD. 0.93% 2618 End-of-day quote.38.56%
NIPPON STEEL CORPORATION 2.84% 2064 End-of-day quote.55.42%
NIPPON YUSEN KABUSHIKI KAISHA 2.93% 8080 End-of-day quote.236.39%
SHIN-ETSU CHEMICAL CO., LTD. 2.07% 19480 End-of-day quote.7.98%
TOKYO ELECTRON LIMITED 2.35% 51310 End-of-day quote.33.62%
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