TOKYO, March 23 (Reuters) - Japanese equities advanced on
Tuesday as investors bought chip-related shares following a tech
rebound on Wall Street overnight, while automakers rebounded
from sharp losses in the previous session.
The Nikkei share average added 0.61% to 29,350.93 by
0144 GMT, while the broader Topix gained 0.39% to
"The Japanese market does not have an independency. It's
been obvious these days. What's happened overnight in the U.S.
is happening in Japan a day after," said Koichi Kurose, chief
strategist at Resona Asset Management.
Chip-related shares advanced, tracking the tech-heavy Nasdaq
which outpaced the S&P 500 and the Dow
overnight as 10-year U.S. Treasury yields eased from 14-month
Tokyo Electron and TDK Corp added 3.28%
and 1.84%, respectively, while Shin-Etsu Chemical
gained 1.37% and Advantest advanced 1.21%. Nikon Corp
Japan Exchange Group jumped 3.55% after the
operator of the Tokyo Stock Exchange raised its full-year net
profit forecast to 51.5 billion yen ($473.17 million) from 45.5
Automakers rebounded from Monday's losses, which were driven
by concerns around potential chip shortages due to a fire at a
plant of semiconductor supplier Renesas Electronics.
Toyota Motor rose 1.24%, while Suzuki Motor
and Nissan Motor jumped 2.83%. Renesas gained 3.08%.
Transport shares declined, with Kawasaki Kisen Kaisha
down 5.75% and ANA Holdings Inc losing 3.76%.
Seven & i Holdings Co Ltd was up 2.76% and Daiichi
Sankyo, which gained 2.11%, led gains among the top 30
core Topix names.
Mitsubishi UFJ Financial Group, down 2.02%, and
Sumitomo Mitsui Financial Group Inc, losing 1.44%, were
the worst performers among the Topix 30.
There were 125 advancers on the Nikkei index against 95
($1 = 108.8400 yen)
(Reporting by Junko Fujita; Editing by Devika Syamnath)