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Japanese shares rise as chip sector tracks Nasdaq higher

03/22/2021 | 09:49pm EDT

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 1,997.94.

"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 highs.

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 rose 3.15%.

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 billion yen.

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 decliners.

($1 = 108.8400 yen) (Reporting by Junko Fujita; Editing by Devika Syamnath)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ANA HOLDINGS INC. 2.53% 2710 End-of-day quote.19.02%
DAIICHI SANKYO COMPANY, LIMITED 7.68% 3020 End-of-day quote.-14.57%
DJ INDUSTRIAL -0.15% 33919.84 Delayed Quote.13.00%
JAPAN EXCHANGE GROUP, INC. -2.74% 2908 End-of-day quote.10.24%
KAWASAKI KISEN KAISHA, LTD. -4.07% 7310 End-of-day quote.246.12%
MITSUBISHI UFJ FINANCIAL GROUP, INC. -1.50% 632.5 End-of-day quote.38.68%
NASDAQ 100 0.10% 15027.769916 Real-time Quote.18.97%
NASDAQ COMP. 0.22% 14746.397621 Real-time Quote.16.73%
NIKKEI 225 -2.17% 29839.71 Real-time Quote.11.13%
NIKON CORPORATION -1.28% 1314 End-of-day quote.101.84%
NISSAN MOTOR CO., LTD. -2.86% 556.3 End-of-day quote.-0.66%
RAKUTEN GROUP, INC. -1.07% 1110 End-of-day quote.11.67%
RENESAS ELECTRONICS CORPORATION -4.46% 1372 End-of-day quote.27.15%
S&P 500 -0.08% 4354.19 Delayed Quote.18.02%
SEVEN & I HOLDINGS CO., LTD. -1.31% 5124 End-of-day quote.40.04%
SHIN-ETSU CHEMICAL CO., LTD. -0.82% 21150 End-of-day quote.17.24%
SOFTBANK GROUP CORP. -4.98% 6329 End-of-day quote.-21.46%
SUMITOMO MITSUI FINANCIAL GROUP, INC. -1.06% 3929 End-of-day quote.23.24%
SUZUKI MOTOR CORPORATION -2.06% 5086 End-of-day quote.6.36%
TDK CORPORATION -2.20% 12460 End-of-day quote.-19.82%
TOKYO ELECTRON LIMITED -2.45% 54070 End-of-day quote.40.81%
TOYOTA MOTOR CORPORATION -0.91% 9929 End-of-day quote.24.78%
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