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Japanese shares edge up as FOMO keeps rally alive

09/16/2021 | 11:16pm EST

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 0.60% 10050 End-of-day quote.30.01%
DAIICHI SANKYO COMPANY, LIMITED 0.35% 2834.5 End-of-day quote.-19.82%
HOYA CORPORATION 0.80% 18165 End-of-day quote.27.30%
JFE HOLDINGS, INC. 0.61% 1324 End-of-day quote.34.01%
KAWASAKI KISEN KAISHA, LTD. 0.31% 4885 End-of-day quote.131.30%
KOBE STEEL, LTD. 1.46% 557 End-of-day quote.1.09%
M3, INC. -2.11% 5990 End-of-day quote.-38.52%
MITSUI & CO., LTD. 0.10% 2559.5 End-of-day quote.35.46%
NIPPON STEEL CORPORATION 1.18% 1719.5 End-of-day quote.29.48%
NIPPON YUSEN KABUSHIKI KAISHA 2.57% 7590 End-of-day quote.215.99%
SHIN-ETSU CHEMICAL CO., LTD. -0.18% 18965 End-of-day quote.5.13%
TOKYO ELECTRON LIMITED 0.15% 59930 End-of-day quote.56.07%
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