Tokyo stocks rise on slowing US inflation, tech gains
Tokyo stocks saw significant gains as investors reacted positively to cooling US inflation data and strong performance in the technology sector. Despite initial concerns regarding Middle East tensions, the market rebounded following positive earnings reports from ASML.
Why it matters
The market movement reflects global investor sensitivity to US economic indicators and the continued demand for semiconductor and AI-related technology.
TOKYO (Kyodo) -- Tokyo stocks rose Wednesday as investors welcomed slowing inflation in the United States, while there was a sense of optimism toward heavyweight technology shares that boosted buying.
The 225-issue Nikkei Stock Average ended up 1,008.01 points, or 1.49 percent, from Tuesday at 68,751.51. The broader Topix index finished 49.14 points, or 1.22 percent, higher at 4,088.12.
On the top-tier Prime Market, the main gainers were nonferrous metal, securities house and glass and ceramics product issues.
The U.S. dollar mostly traded in the lower 162 yen range in Tokyo, as the yen was bought following the overnight release of the U.S. consumer price index for June, which showed cooling inflation.
At 5 p.m., the dollar fetched 162.27-28 yen compared with 162.22-32 yen in New York and 162.33-35 yen in Tokyo at 5 p.m. Tuesday.
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